My weekly Kroger’s ad has eggs at $1.79 a dozen. Check it yourself.
Maybe now’s not the time to take the advice of communists? Republicans aren’t going to bring down housing costs (no mass deportations, no penalties for hiring illegalz, 600k Chinese students, farmer amnesty) but at least we’re not bringing costs UP
ImASowellMan on
As a New Yorker, I can tell you that rent control (which includes both officially rent controlled and rent stabilized units) has been an abysmal failure. About half the city’s rental units are under a form of rent control and have been for 50 years. If it was going to help with prices, we wouldn’t have had skyrocketing market prices over the last few decades.
Rent control induces demand without increasing supply. People who could not normally live here occupy apartments, which is a huge increase in demand. Supply is suppressed because developers can’t maximize profits, especially with some of the newer “affordable” housing mandates. Old units rot because landlords can’t afford to fix them up on artificially lowered rents, so they stay off market because they aren’t up to code. Supply and demand shows this makes everything more expensive for market rate apartments, and the net impact is making all units on average more expensive than they would be.
Mamdani plans to freeze increases in rent stabilized apartments instead of the usually small percent increases usually allowed annually. This will just exacerbate the problem. More buildings will become completely unprofitable, which may be the point. Mamdani may plan to have the government seize bankrupt buildings to have more social government run housing.
This would be a huge mistake. The NYCHA currently runs public housing, and it’s a giant mess. It has an $80 billion backlog in repairs, and housing projects are notoriously terrible to live in. Adding more is just crazy.
Two things give me hope — 1) the board that determines annual rent increases is appointed by the mayor, but in rotating seats with multi-year terms. His appointees won’t be able to dominate the board for a while. 2) there’s a case going through the courts to end rent stabilization when new tenants move in. I won’t go into all the details, but it has a decent chance to succeed as it works its way up to SCOTUS over the next few years. This would eventually completely phase out rent stabilized units and return them to market rate.
VerusPatriota on
I hope he DESTROYS everything he touches. The overcorrection in the next election would be beneficial for a Conservative.
3 Comments
My weekly Kroger’s ad has eggs at $1.79 a dozen. Check it yourself.
Maybe now’s not the time to take the advice of communists? Republicans aren’t going to bring down housing costs (no mass deportations, no penalties for hiring illegalz, 600k Chinese students, farmer amnesty) but at least we’re not bringing costs UP
As a New Yorker, I can tell you that rent control (which includes both officially rent controlled and rent stabilized units) has been an abysmal failure. About half the city’s rental units are under a form of rent control and have been for 50 years. If it was going to help with prices, we wouldn’t have had skyrocketing market prices over the last few decades.
Rent control induces demand without increasing supply. People who could not normally live here occupy apartments, which is a huge increase in demand. Supply is suppressed because developers can’t maximize profits, especially with some of the newer “affordable” housing mandates. Old units rot because landlords can’t afford to fix them up on artificially lowered rents, so they stay off market because they aren’t up to code. Supply and demand shows this makes everything more expensive for market rate apartments, and the net impact is making all units on average more expensive than they would be.
Mamdani plans to freeze increases in rent stabilized apartments instead of the usually small percent increases usually allowed annually. This will just exacerbate the problem. More buildings will become completely unprofitable, which may be the point. Mamdani may plan to have the government seize bankrupt buildings to have more social government run housing.
This would be a huge mistake. The NYCHA currently runs public housing, and it’s a giant mess. It has an $80 billion backlog in repairs, and housing projects are notoriously terrible to live in. Adding more is just crazy.
Two things give me hope — 1) the board that determines annual rent increases is appointed by the mayor, but in rotating seats with multi-year terms. His appointees won’t be able to dominate the board for a while. 2) there’s a case going through the courts to end rent stabilization when new tenants move in. I won’t go into all the details, but it has a decent chance to succeed as it works its way up to SCOTUS over the next few years. This would eventually completely phase out rent stabilized units and return them to market rate.
I hope he DESTROYS everything he touches. The overcorrection in the next election would be beneficial for a Conservative.