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Manhattan's Rip-Off

Two thirds of New York City's two million apartments are subject to rent controls. Rent control comes up for renewal again on June 15.
June 6, 2003, 6am PDT | Chris Steins | @urbaninsight
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Rent Control, a remiant of World War II era policy policies, has been scrapped by most cities due to evidence that housing price controls produce market inefficiencies, reduce supply and cause bad side-effects. But New York has not followed this trend. "A city board sets annual increases and administers an ever more complicated system. In some buildings, people live in similar apartments but pay wildly different levels of rent. In others, lone grandmothers sit in huge apartments, aware that moving would mean paying more for a smaller place elsewhere... On June 15th, 60 years after this 'temporary' measure was introduced in New York City, rent control once again comes up for renewal by the state government in Albany. It will almost certainly pass."

Thanks to Nathan Banks

Full Story:
Published on Thursday, June 5, 2003 in The Economist


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