"Imagine if after legalizing marijuana, lawmakers had learned that no new people had started smoking it. Would they have been disappointed? Would they have scheduled a hearing to figure out how to get more people stoned? This is happening with rent stabilization. Except in Kingston, price controls for apartments have not been adopted upstate, six years after the state legislature made that possible. This has upset Assembly members who love rent stabilization, especially Sarahana Shrestha and Linda Rosenthal."
"I'm not here to tell you rent control is all bad. Like cannabis, it has benefits and drawbacks. My opinion, and that of nearly all economists, is that the drawbacks of price controls for housing outweigh the benefits by a lot. For that reason, rent control began in New York City as a temporary measure to be dropped when the city's housing emergency defined as a sub-5 percent vacancy rate was over."
Rent stabilization has not spread to most upstate New York localities even six years after the legislature allowed it, prompting hearings by pro-stabilization lawmakers. Price controls for apartments remain rare outside Kingston. Many economists judge the drawbacks of housing price controls to far outweigh benefits. New York City's rent control began as a temporary response to a sub-5 percent vacancy emergency and then persisted as vested tenant interests blocked new construction, perpetuating scarcity. Upstate lack of tight vacancy rates has prevented similar stabilization adoption, leaving renters facing competitive markets and landlords competing for tenants.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]