> If rent control was eliminated
Do you mean rent control and rent stabilization? As far as I can tell, rent-controlled units make up something like 2% of all units.
Do you mean rent control and rent stabilization? As far as I can tell, rent-controlled units make up something like 2% of all units.
True, but that is actually a great deal of lost income for the landlords in those cases. Anecdotally, of the number of people I've heard of living in rent controlled apartments, I've never heard of rent over $500, including 2 and 3 bedroom apartments in primo neighborhoods. Numbers like that are just _absurd_ given what I'm paying for my 1 bedroom in an "up and coming" neighborhood in queens
Getting rid of rent stabilization, which is roughly half of all rental units in NYC IIRC, would have a huge effect, both positive and negative.
My prediction is that after a few years of adjustment following its end, the average paid rent would be about the same but the average advertised rent would be much lower.
All renters would equally feel the misery of rising rents, so I'd expect the political landscape would be very different with regards to feelings towards building more housing.