Rent control works in specific applications. First, it must be short term as a response to market shocks (like a sudden tax increase). It also must have a graduated taper off period where prices are allowed to gradually increase to meet the market rate. With the dramatic increase in work-from-home, office spaces are going empty. This creates an opportunity to counteract the usual reduction in the quantity of rental units that comes with rent freeze. Reductions of red tape and streamlining conversion of office spaces into apartments would stabilize or even increase the number of rental units.
The entire point is that there needs to be a comprehensive strategy, not just a simple tax.
it must be short term as a response to market shocks
NYC has had rent control for decades. If we are talking about short-term rent control working, we are necessarily talking about removing rent control from NYC.
Talking about adding more rent control in NYC is doubling down on failure, doubling down on fucking over NYC renters.
I’m not necessarily saying rent control is the best response. It’s just that raising property taxes is going to raise rents which is exactly what the city doesn’t need.
Renters are already fucked in NYC. Stop making their lives worse with proven failures like rent control.
How is rent control a failure?
Rent control works in specific applications. First, it must be short term as a response to market shocks (like a sudden tax increase). It also must have a graduated taper off period where prices are allowed to gradually increase to meet the market rate. With the dramatic increase in work-from-home, office spaces are going empty. This creates an opportunity to counteract the usual reduction in the quantity of rental units that comes with rent freeze. Reductions of red tape and streamlining conversion of office spaces into apartments would stabilize or even increase the number of rental units.
The entire point is that there needs to be a comprehensive strategy, not just a simple tax.
NYC has had rent control for decades. If we are talking about short-term rent control working, we are necessarily talking about removing rent control from NYC.
Talking about adding more rent control in NYC is doubling down on failure, doubling down on fucking over NYC renters.
I’m not necessarily saying rent control is the best response. It’s just that raising property taxes is going to raise rents which is exactly what the city doesn’t need.