The Rent is Bent
Albany’s “three men” emerged from their room yesterday with a proposed 4-year extension of rent laws, which was welcomed by tenants protected by the existing system. But rent regulation continues New York’s decades-long experiment in warping the housing market and driving up the cost of market-rate rentals. The city needs to think seriously about eliminating rent regulation, and bringing rational pricing to our perpetually-tight housing market.
The Facts You Need to Know
Shelter in Place: New Yorkers move less than anyone in the country, because they are terrified to give up their artificially cheap apartments. Read more.
Falling Apart: The number of apartments classified as “distressed” doubled in ten years, because rent-caps make it harder for landlords to maintain their properties. Read more.
Building Boom: Spending on new construction in New York City has increased by a factor of 50 since deregulation was introduced in 1994. Read more.
“In many cases rent control appears to be the most efficient technique presently known to destroy a city—except for bombing.”
The Past is Present
At long last, Albany is poised to liberate the city’s housing market—and New Yorkers will benefit greatly.
On The Calendar
Infrastructure spending is too often squandered on poorly-managed vanity projects. How can local, state, and federal transportation agencies be reformed to make U.S. infrastructure spending more effective? How can we spend better, rather than simply more?
At the Manhattan Institute’s annual James Q. Wilson Lecture on Urban Affairs, MI senior fellow and renowned Harvard professor Ed Glaeser will address such questions, and chart a path toward much-needed reform. Glaeser, one of the world’s leading urban economists, is the author of dozens of influential academic papers. His most recent book is the acclaimed Triumph of the City: How Our Greatest Invention Makes us Richer, Smarter, Greener, Healthier, and Happier.
And in other news...
The northern section of Central Park above 72nd Street will be permanently closed to cars beginning later this month, Mayor Bill de Blasio announced.