“$3,100 per month while still remaining rent stabilized”
I bet the rent would be on the 1500 in a free market. Socialist policies make living unaffordable.
“I bet the rent would be on the 1500 in a free market. Socialist policies make living unaffordable.”
That would only be the case if there were no rental control statuses of any kind in NYC.
BECAUSE there are close a million rental units “protected” by rent control of one form or another, and another few hundred thousand in City owned units, the “market” supply - units available at open market rates - is shrunken below what it should be, making the true market rates higher than they would otherwise be.
Because of that the real market rate for Mamdani’s old unit is today - under current circumstances, higher than the $3,100 someone is getting it under rent stabilization. Market rate today is probably closer to $4,000 for a similar unit NOT still under rent stabilization.
While yes, you’d be correct, that minus all rent control laws in NYC the number of units available on the open market would be much higher than today so rents in general would likely be (a) higher than they are at present on rent control conditions, but (b) lower than the market rates today.