Posted on 10/21/2010 3:07:54 AM PDT by Scanian
In New York state, contrary to gubernatorial candidate Jimmy McMillan, the rent is not too damn high. It's actually too damn low in most places -- and that fact reflects the state's true problems.
McMillan created a sensation at this week's gubernatorial debate with his handlebar mustache and his incessant repetition of his slogan about rents being too high.
Although McMillan is evasive about his own rent (The Post reported yesterday that he pays $800 a month for a Brooklyn one-bedroom), news accounts and typical "voter in the street" interviews suggest many people approve of McMillan's gripes that rents are too high -- including gubernatorial frontrunner Andrew Cuomo.
But it misses the point. Rents are an expression of economic activity -- and they're very low across much of New York, reflecting the state's lousy economic performance.
(Excerpt) Read more at nypost.com ...
But, having said that, if I see a candidate who says "We need more jobs", do I become outraged because -- that hypocrite actually has a job?? No. That's not the point.
Likewise, McMillan says "Rent is too damn high" and that doesn't necessarily means "His rent is too damn high". He's on a crusade. It may be silly, but whatever he does or does not pay for rent is really beside the point.
But at least the candidate is entertaining (”Did you hear that?! It’s a child’s stomach growling!”).
He needs to pair up with the “Pants on the Ground” guy - I would watch them.
If Obama can promise “free or reduced cost” health care to everybody, why not “free or reduced cost” rent? Of course, “free or reduced cost” means that everybody will be forced to rent an apartment meeting the specifications of the specifications government.
Reduced cost rent has already been provided courtesy of the housing meltdown. Rent is charged based loosely upon the value of the property in question in order to provide the landlord with a ROI he can live with. When prices are stratospheric and carrying costs high much more rent must be charged to offset these costs. Who do you think is buying all of these foreclosed houses? When the prices get low enough the investor/landlord’s gobble them up and shortly thereafter new rentals are on the market.
Yeah, rent control worked so well for New York. Massachusetts (!) voters in a referendum question outlawed rent control about a decade ago, much to the chagrin of the Democratic ruling classes. Guess what? Boston’s still there.
People in my native city (NY, NY) have an almost religous fervor about rent control. If there was ever an insane economic policy, rent control is it.
NOTHING provides a crash-course in economics and/or the unintended consequences of tampering with markets like the study of rent control. Seriously, you can learn SO MUCH reading on this subject. Hazlitt (sp), Williams, Sowell, Friedman — they’ve all written extensively on RC, and its effects. Who would have thought that rent control in expensive Manhattan could lead to ZERO!!!!! low rent units being built in NY city over the course of SIXTY YEARS!!!!!???? And all because of rent control.
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