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The idea that stabilization is "having some effect on keeping rents low(er)" seems questionable. There are effects that push in the other direction too. For ins

by glenra 14y ago

The idea that stabilization is "having some effect on keeping rents low(er)" seems questionable. There are effects that push in the other direction too. For instance, the fact that "stabilization" exists at all makes being a landlord less attractive. If people could bargain freely to any mutually-agreeable rent terms, developing new housing would be less risky so more apartments would tend to get developed, which would drive down the average rent. Stabilization can hold down prices in a few apartments, but tends to do so at the expense of higher prices (and lower-quality apartments) everywhere else.

epc 14y ago
There's plenty of new development going on, both condo and rental apartments. New rentals are typically required to set aside some percentage of units for specific income levels (so-called affordable housing). Condos typically trade in 421-A tax credits (where new developments get very reduced property taxes for some period of time, in return the developer must build some number of "affordable housing" units, but not necessarily in the same building or even neighborhood). Stabilization and Control have definitely warped the market, but to date no one, on either side of the tenant/landlord divide, nor in politics has come up with a workable way to deregulate the market. It was thought that eventually the Stabilization would go away because, as we all know, no one wants to live in New York City and eventually the vacancy rate would go to 5% or more. In practice the highest it's been since 1974 is in the low 4% range in the 1980s and very early 1990s.
- chimeracoder 14y ago
  > New rentals are typically required to set aside some percentage of units for specific income levels (so-called affordable housing). This happens, but it's different from rent stabilization - the program's separate and the rules function differently.

by glenra 14y ago

epc 14y ago

There's plenty of new development going on, both condo and rental apartments. New rentals are typically required to set aside some percentage of units for specific income levels (so-called affordable housing). Condos typically trade in 421-A tax credits (where new developments get very reduced property taxes for some period of time, in return the developer must build some number of "affordable housing" units, but not necessarily in the same building or even neighborhood). Stabilization and Control have definitely warped the market, but to date no one, on either side of the tenant/landlord divide, nor in politics has come up with a workable way to deregulate the market. It was thought that eventually the Stabilization would go away because, as we all know, no one wants to live in New York City and eventually the vacancy rate would go to 5% or more. In practice the highest it's been since 1974 is in the low 4% range in the 1980s and very early 1990s.

chimeracoder 14y ago
> New rentals are typically required to set aside some percentage of units for specific income levels (so-called affordable housing). This happens, but it's different from rent stabilization - the program's separate and the rules function differently.