Posted on 11/17/2022 1:59:10 PM PST by grundle
The city of Kingston, New York, is ordering landlords to reduce their rent by 15%.
Pretty much every economist, even the ones on the left, agree that, in the long run, rent control reduces both the quantity and the quality of rental housing.
Rent control is great for people who already have a rent controlled apartment.
But it’s horrible for people who are looking for an apartment.
The Swedish economist Assar Lindbeck, a housing expert, said that “rent control appears to be the most efficient technique presently known to destroy a city – except for bombing.”
That being said, as a person who does not live in Kingston, I think this is a great experiment to see what the results will be. Will the results here be the same as in other cities that had rent control? Or will they be different? Contrary to popular belief, it was not actually Einstein who first said, “Insanity is doing the same thing over and over again, but expecting different results.”
Sources:
https://reason.com/2022/11/16/landlords-sue-over-city-mandated-15-percent-rent-cut/
https://en.wikipedia.org/wiki/Rent_regulation
https://en.wikipedia.org/wiki/Rent_control_in_the_United_States
https://www.businessinsider.com/misattributed-quotes-2013-10
I wonder what they would think if the citizens of Kingston told them they wanted their taxes lowered by 15%
Like the peasants would ever attempt such an uprising.
All powerful government can control and destroy everything
There should be no such thing as income tax.
There should be no such thing as property tax.
Property should be allodial — you own it. You really, really own it. The government isn’t your landlord and doesn’t control your property.
Government revenue should come from tariffs and some a national retail sales tax. And government revenue should be minimal and government should be small and weak.
We’ve done everything incorrectly.
It even came up in a Seinfeld episode.
FU and the horse you rode in on Kingston.
How about cutting the salary and benefits of every swinging dik who is on the city payroll by 35%?
What’s the definition of fascism again?
Can you say housing shortage and substandard maintenance? I knew you could.
Lots of folks bought into the real estate FOMO and have rentals in Kingston-
A Ghetto/Dump area for decades, boosted a bit by the flight to the country these past few years.
Ulster County and City of Kingston voted for Hochul. Now they’ll get what they voted for.
Those buyers with the free cash should have looked a bit further up the line, maybe Andrew’s Mountain, or formerly sleepy Accord.
I'd rather have 90% of whatever taxes/fees I have to pay to be levied locally, 90% of the rest from the state, and the measly remainder levied by the feds.
Too much power has been ceded to the states and feds because many cities have to beg funds in order to remain solvent.
In California, Prop 13 may limit property taxes, but it hasn't limited taxes overall, and it has turned every city into a chattel slave of the state and feds.
Well, as expected we see that the GOP has become rather fascist since winning the mid-term elections and taking over the House.
(Did I do that right? For it is obvious all the current economic problems are due to the new Congress, although they have not yet been sworn it).
Sounds like government seizure without compensation.
Is it legal for a government to order the setting of prices? Last I looked, we are still a free market economy.
Socialism, and doomed to fail.
My wife and I completely agree.
So they just ended constitutionally protected contract rights? OH YEAR. Obama signed those away with the porkulus spending bill.
And what will the city do when landlords evicts every renter and puts in a new one at market rate? And soon all rents will now be monthly.
Great idea! Apply the same principle to gas, bacon and clothing. No more inflation!
But yet the cost of doing business remains the same.
You don’t own your property. The government does. It lets you use it, maintain it, pay the insurance and taxes, and get sued when someone slips on the snow.
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