I think it's clear there are a number of factors for the increase in rents. In NYC, globalization is a factor as an alarming amount of apartments are bought by

I think it's clear there are a number of factors for the increase in rents. In NYC, globalization is a factor as an alarming amount of apartments are bought by companies or foreign investors. The apartments then sit empty. I think rent control and rent stabilization have an smaller effect. I say this as a rent stabilized renter. It can't be good if somewhat rent is 4 times less than some else's. I have a friend in a 2200 sf apartment on 5th ave and his rent stabilized lease is $2000 per month. Everyone else in that area is paying $15k per month. It's a common story in NYC. Also there is a huge demand and a huge wealth imbalance here and most everyone can't afford to buy. It's a very forced market.