Though their impact isn’t being felt yet, New York’s new laws expanding rent regulation won’t make it any easier for young people or families to find housing. Economists across the political spectrum oppose rent control; the measures are promoted mainly by politicians looking to broaden their voting base. The last thing New York needs now is laws that will inhibit the constrained housing market.
The Facts You Need to Know
Co-opted: The new law makes it immeasurably harder for tenants and owners collaboratively to convert buildings to private ownership. Read more.
Whom: Expanded rent regulation disproportionately helps well-off tenants in Manhattan and will allow tens of thousands to keep their rents artificially low. Read more.
Shabby: Preventing owners from passing on the cost of capital improvements will steadily “shabbify” the city’s housing stock. Read more.
“Rent laws distort the market, encourage tenants to stay in apartments bigger than what they need, and discourage owners from performing maintenance.”
The Past is Present
“The housing market needs to be changed so that its lowest rung is no longer out of reach for the homeless.”
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“Shootings are up 10 percent across northern Brooklyn for the year, and in some neighborhoods — like East New York and Crown Heights — they have doubled.”