This will work out as my Econ 101 professor predicted. Those who vote for it deserve the housing shortage and limited maintenance that they will receive. I feel sorry though for the decent people who will, as usual, become the victims of liberal policies.
NYC has 75 year history of meddling with rents.
Result : 1%ers living on Central Park West in $10 million apartments for $350/month at same time some poor working stiff in Queens pays $3,000/month
Rent controlled buildings worked out so well in New York City in years past. The fiscally sound policy of the property owner was to “milk” the property, by deferring maintenance and declining to provide other services, while the practice of subletting by the designated renter for a payment much larger than the controlled level of rents.
Renters will get what they pay for—if the rent reflects a dilapidated junkyard the building will deteriorate until it reaches that equilibrium.
Here’s an Econ 101 assignment for you:
Draw the supply/demand curves that show how mass deportations of illegal immigrants are likely to affect rental prices.