Why is government still in the apartment business in New York?Why is government still in the apartment business? The late, lamented (by me) New York Sun preached against rent regulation from its first issue to its last. The Democrat-led Assembly has just passed strong anti-landlord legislation, bringing rent regulation back in a big way. There's a good chance that the Urstadt law will be repealed and landlords will be at the mercy of Christine Quinn's political ambitions. Hasn't this economic downturn taught us anything? New York government has long been corrupt, and now it's bankrupt. You don't want New York government running anything.The free, unregulated real estate market has worked just fine in almost every other city in the country. From today's New York Times story:
But Bing--what's unfair about the free market? What's fair about government-run socialism? Fairness? I lived on East 57th Street, once the richest street in the world. My apartment building was under rent stabilization laws. Why? So "poor people" could live on the richest street in the world? The people who had those rent stabilized apartments often had second homes! As a person who bought his co-op, I had to subsidize much of this. The co-op sponsor went bankrupt and I almost lost my home because of these insane laws. What was that about "fairness," Mr. Bing? Here's a simple fact of New York political life: There are more tenants than landlords. Many more tenants vote than landlords. So, if the New York City Council takes control of rent regulations, screwing the landlord is going to be where it's at. "Fair" housing for everybody! Ultimately, of course, no one will want to become a landlord. No new housing will be built. No improvements to housing will be made. Government regulation will kill its golden goose. This financial crisis means great opportunity for change. Higher taxes and more government regulation are not those correct changes. What a mess! LINK: http://www.nytimes.com/2009/02/03/nyregion/03rent.html?ref=nyregion Assembly Passes Rent-Regulation Revisions Opposed by Landlords ALBANY — The Legislature on Monday took the first step toward a sweeping revision of the state’s rent-regulation laws. The Democratic-led Assembly passed a broad package of legislation designed to restrain increases on rent-regulated apartments statewide. The legislation would essentially return to regulation tens of thousands of units that were converted to market rate in recent years.
I sure hope they don't make it any more difficult than it already is to be a landlord here in NY! I sure hope they don't make it any more difficult than it already is to be a landlord here in NY! I hope that all forms of change will bring good
I hope that all forms of change will bring good
The landlords have their point, New York is not a city accessible for everyone, if you make it in New York you can make it everywhere, that's what they say. I used to live in New York but not anymore, now I am interested in Montreal apartment rentals, I moved out to a different lifestyle.
I sure hope they don't make it any more difficult than it already is to be a landlord here in NY!clothing factory
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Assembly controller Shelly Silver declared this week that 2009 would be "the year of the tenant".