Posted on 06/30/2015 8:10:05 AM PDT by all the best
Here are some words that don’t appear in the article: rent control, regulation, zoning.
But those are among the reasons that housing is expensive in New York. As a Manhattan Institute report noted in 2002:
New York City and State have instituted policies that severely distort the dynamics of housing supply and demand. Only 30 percent of the city’s rental units, for instance, are subject to market prices.
These distortions — coupled with Rube-Goldbergian environmental and zoning regulations — have denied New York the kind of healthy housing market enjoyed by most other major cities.
And a report by Edward Glaeser and Joseph Gyourko for the Federal Reserve Board of New York Economic Policy Review suggests that “homes are expensive in high-cost areas primarily because of government regulation” that imposes “artificial limits on construction.”
As I’ve said in other contexts: This is the business you have chosen. If you want the government to control rents and impose regulatory costs on the building of housing, then you can expect to see less housing and thus more expensive housing. Welcome to your world, Hillary Clinton staffers.
(Excerpt) Read more at fee.org ...
Well, it’s one of the reasons. But even the New York tenements which are rent-stabilized have been updated to reflect the wealth of NYC. It’s ridiculous to walk into a tenement building on the east side and see the gorgeous appliances, handsome wood floors and the inevitable exposed brick wall. And the rickety fire escape out the window!
Even if we got rid of rent-stabilization, rents would still be out of control.
“The rent is too damned high!”
So, Hillary won’t pay her staffers a living wage? More interns, please.
She is a relentless money monger!
If rent control went away, and lots of apartments came on the market for $1K - $5K/mo, who would want to pay $3 million for a 2 bedroom condo?
If rent control were suddenly repealed, tens of thousands of New Yorkers would see their real estate values evaporate.
Rents would be cheaper for all who don't have rent-stabilization.
NYC needs to be 100% market rate.
We once went on a tour of Manhattan. Saw a bunch of brownstones that had been burnt out, boarded up, exterior in place, not renovated. I asked our tour guide about them. He said they were all rent controlled and it cost far more to repair them than they would get on rent, especially when taxes were considered. It was suspected that more than once the property owner actually had the building burnt, but they couldn’t prove it.
Unfortunately, NYC needs another ~15 years of market rate construction.
DeBlasio and other pols want to stop that.
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