[FreeReign]

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.

Rents would be cheaper for all who don't have rent-stabilization.

NYC needs to be 100% market rate.

[rstrahan]

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.