[Hodar]

In a Free Market, I’m with you 100%.

However, this is NOT a free market. Rent Controls dictate that the apartment goes for less than $600, when it’s entirely possible that the property taxes on that apartment are that much. There is no money for the landlord to pay to maintain his building. Certainly you don’t think the landlord should be forced to pay money from his pocket, to enable someone to live in the building.

In a FREE Market, the rent would be placed at market value, by the sq. ft. plus ammenities. There would be ample profit for the landlord to hire a maintenance person/team to oversee repairs.

As such, the Landlord is held hostage to getting “something” out of his building, or giving it to the city for failing to pay taxes.

I blame “Rent Control” bought to us all by the “Rent is too damn High” party.

[muawiyah]

In NYC not every apartment is rent controlled. You have to meet some standards to qualify (yes, there are advantages to it ~ turns your building into a sort of blue chip bond with a guaranteed income ~ nobody moves in, nobody moves out ~ ask Charley Rangel) and you make your profit on the deductible depreciation you get against the costs incurred providing higher rent commercial space elsewhere.

I suspect this loft was rented at an above market rate!