You’re out to lunch on this one. Sure, the int’l crowd helps to bid up the price on a perfectly located Park Ave penthouse, but it is the regulation-driven clamp on supply that leads to the high prices and overcrowding on the demand end of things.
Where there is no rent control those that cannot afford to live in the cities where they work use public transportation. It is just the way it is. Even in tiny out of the way places such as Alyeska in Alaska. It is a ski resort town, lots of condos and expensive homes. The service people who work the resort cannot afford to live there so they commute via car pool or public transportation the 90 miles daily round trip to Anchorage. This is the free market.
Rent control robs...steals from the property owners to give to the poor. That is unfair and unconstitutional. If the citizens of NY want to have the poor pay $500 per month for a $3,000 per month apartment then the TAX PAYERS should fund it, not the property owners.
Liberals are always so willing to give to the poor when it is someone else’s money.
By the way, here in Georgia I rent a very nice little home on 200 acres for $500 a month. Can’t afford $3,000 in NY.