NYC also allows non-paying tenants to stay in their land lord’s home for years as the eviction process drags on for years.
What property investor is going to provide affordable rent when they have to face lawless situations like this?
Also rent control makes it impossibly hard to make important improvements. The only solutions are either doing a coop or condo conversion, or terrorizing your tenants into leaving, then knocking it all down and selling to a developer. And this was before the migrants’ invasion.
I loved NYC when I lived there (outer, outer boros). I loved the open mike poetry readings with the aging hippies, the kosher restaurants, the street performers, the beautiful glass and steel buildings, the 2nd hand bookstores and street vendors. It was wonderful, and it no longer exists. Thank you, leftards! You made a giant pile of sh!t.