Rent control, as mentioned earlier, helps to create a tale of two cities.
Landlords cannot charge market price rent on units that are rent controlled.
So they make it up by charging more on non-controlled units.
Non-controlled renters essentially subsidize those who were lucky enough to snag a rent-controlled unit.
That's not the whole story but that's a good start.
I agree, the NYC real estate market is really out of control. Things are beyond expensive but at the same time some people have access to cheap units because of their dead grandmother or whatever. I plan to write a datasheet on this topic and others related to getting set up in NYC.
Then of course you have people in rent-controlled units, or in public housing under the NYCHA (cheaper apartments for like $1,000 or less per person in prime areas) renting out their place on Airbnb. $200/night in Airbnb income for their place, subsidized by taxpayers. Versus the $450 per week that they make by working at Rite-aid.
I'm exaggerating a bit but you get the idea.
Landlords cannot charge market price rent on units that are rent controlled.
So they make it up by charging more on non-controlled units.
Non-controlled renters essentially subsidize those who were lucky enough to snag a rent-controlled unit.
That's not the whole story but that's a good start.
I agree, the NYC real estate market is really out of control. Things are beyond expensive but at the same time some people have access to cheap units because of their dead grandmother or whatever. I plan to write a datasheet on this topic and others related to getting set up in NYC.
Then of course you have people in rent-controlled units, or in public housing under the NYCHA (cheaper apartments for like $1,000 or less per person in prime areas) renting out their place on Airbnb. $200/night in Airbnb income for their place, subsidized by taxpayers. Versus the $450 per week that they make by working at Rite-aid.
I'm exaggerating a bit but you get the idea.