Decontrol and Decay
Expansion of rent regulation—along with rolling back provisions for decontrol of rents—has long been a priority for the Left in New York. Now, with uncontested Democratic Party control of Albany, radical reforms are in the works. The state legislature is planning to extend regulation of the rental market, which will only ensure that it gets even harder—and more expensive—to find an apartment.
The Facts You Need to Know
Emergency: Rent regulation has been in place in New York City since the 1940s, and the “housing emergency” that it was originally meant to address has not abated. Read more.
Control: “Decontrolling” vacant apartments in the 1970s prompted landlords to invest in fixing them up, instead of letting them fall into disrepair. Read more.
NYCHA: Assembly members branded one landlord a racist for saying that new regulations would “NYCHA-ize” the private market. Read more.
“The residential renaissance in previously moribund areas like Tribeca, Harlem, and Williamsburg would have been stillborn if property owners had to operate under antiquated laws that froze the rents they could collect at levels set when Franklin Roosevelt was president.”
CBC submitted testimony to the NYS Assembly on rent regulation reform. We summarized our research on rent regulation and noted why reforms would worsen rent regulation’s flaws without impacting affordability for the most severely rent burdened households. https://t.co/MFDZw1JRML— Citizens Budget Comm (@cbcny) May 3, 2019
The Past is Present
“The winning legal argument against New York City’s rent-control laws has never been tried. It may be soon.”
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“Insane overtime rules are effectively taking a restaurant meal each month away from harried — and lower-paid — private-sector workers. Fraud needs policing and punishment, but the rules encourage fraud.”