Rent control is killing NYC #RealEstate
Why #NYC Apartment Buildings Are on Sale Now for 50% Off
New York has had some form of rent regulation since 1943, when federal government imposed price controls to combat inflation during WWII. After those protections expired in the early 1950s, state enacted its own measures, which applied to pre-1947 buildings. That older system, known as rent control, severely restricts what tenants pay for as long as they occupy the unit. Only 16,000 of those rent-controlled apartments remain.
Rent stabilization, which dates to 1969, covers roughly 1 million apartments, housing a quarter of the city's population. (Most units have no income restrictions.)
In New York City, tenants paid
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