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NYT: NYC housing "crisis" caused by landlords bringing apts onto the market

Behind New York’s Housing Crisis: Weakened Laws and Fragment...
umber boyish library voyeur
  05/20/18
Boomers who got free apts for 40 years MAF! The assault b...
umber boyish library voyeur
  05/20/18
Lol at this melodrama. She’s permanently scarred from this?
Out-of-control learning disabled famous landscape painting
  05/20/18
...
umber boyish library voyeur
  05/20/18
the single worst urban public policy is strict rent control....
salmon bonkers bawdyhouse
  05/20/18
January 25, 2012 Only bombing would be worse than rent cont...
salmon bonkers bawdyhouse
  05/20/18
They'll come around to the truth of the issue. 9 months a...
burgundy place of business potus
  05/20/18
re nyc it is pointless to talk about merits demerits of rent...
fragrant patrolman associate
  05/20/18
also remember that they are buying buildings at a price that...
fragrant patrolman associate
  05/20/18
nyc landlords are pure shit. but they can't fight the tid...
razzle-dazzle bull headed range
  05/20/18
180
fragrant patrolman associate
  05/20/18
bullish or bearish for eth?
Laughsome buff university
  05/20/18
dat china money needs to go somewhere
blue psychic
  05/20/18


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Date: May 20th, 2018 9:31 PM
Author: umber boyish library voyeur

Behind New York’s Housing Crisis: Weakened Laws and Fragmented Regulation

Affordable housing is vanishing as landlords exploit a broken system, pushing out rent-regulated tenants and catapulting apartments into the free market.

https://www.nytimes.com/interactive/2018/05/20/nyregion/affordable-housing-nyc.html



(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093266)



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Date: May 20th, 2018 9:31 PM
Author: umber boyish library voyeur

Boomers who got free apts for 40 years MAF!

The assault began shortly after a new owner bought the building at 25 Grove Street in June 2015. Surveillance cameras arrived first, pointed at the doors to rent-regulated apartments. Then came the construction workers, who gutted empty units and sent a dust cocktail of lead-based paint, brick and who knows what else throughout the building.

Worried, a pregnant woman and her husband left, dooming their apartment to the demolition derby. Violations were issued; violations were dismissed. And on a Friday morning in early August 2016, Temma Tainow, who had lived in the West Village building for 34 years, was jarred awake by what sounded like an explosion. She stumbled into her kitchen and screamed. A leg dangled from a hole punched through her ceiling.

“I think it is imprinted on my brain forever: looking up and seeing five men staring down through the hole,” recalled Ms. Tainow, 70, a tiny therapist with a halo of reddish-brown hair who speaks deliberately and walks with a slow limp. “It’s been awful. It’s been a nightmare. It’s exactly what the owner wants.”

Across much of New York City, construction scenes like these play out regularly at buildings with rent-regulated apartments — the city’s largest stock of affordable housing, where rents are set at a prescribed level and are supposed to increase only a small amount each year.

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093268)



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Date: May 20th, 2018 10:17 PM
Author: Out-of-control learning disabled famous landscape painting

Lol at this melodrama. She’s permanently scarred from this?

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093603)



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Date: May 20th, 2018 9:41 PM
Author: umber boyish library voyeur



(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093334)



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Date: May 20th, 2018 9:51 PM
Author: salmon bonkers bawdyhouse

the single worst urban public policy is strict rent control. over a couple of decades it destroys the most important asset of any city: adequate living space.

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093397)



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Date: May 20th, 2018 9:53 PM
Author: salmon bonkers bawdyhouse

January 25, 2012

Only bombing would be worse than rent control

Sam Bowman Planning & Transport

The political battle over the welfare bill has led some people to propose rent controls as a solution to rising rents in Britain’s cities (especially London). Rent control, though, is probably the most unambiguously awful policy ever to be tried in modern western democracy. In theory and practice it is a disaster, choking off the supply of new rentable homes and grinding the quality of existing rented accommodation.

The theory is simple enough. Putting a price ceiling on any product below the market rate causes shortages: demand outstrips supply. Walter Block has a typically superb article in the Library of Economics and Liberty’s Online Encyclopedia of Economics on this:

One effect of government oversight is to retard investment in residential rental units. Imagine that you have five million dollars to invest and can place the funds in any industry you wish. In most businesses, governments will place only limited controls and taxes on your enterprise. But if you entrust your money to rental housing, you must pass one additional hurdle: the rent-control authority, with its hearings, red tape, and rent ceilings. Under these conditions is it any wonder that you are less likely to build or purchase rental housing?

This line of reasoning holds not just for you, but for everyone else as well. As a result, the quantity of apartments for rent will be far smaller than otherwise. And not so amazingly, the preceding analysis holds true not only for the case where rent controls are in place, but even where they are only threatened. The mere anticipation of controls is enough to have a chilling effect on such investment.

Block points out that the very whisper of rent controls can be harmful – if there’s a danger that your investment might be subject to punative state-imposed price ceilings, it’s probably better to play it safe and build something else.

Not only does rent control stop new construction, but by putting a stranglehold on supply it destroys neighbourhoods. Real-life experience with rent control has been predictably awful, with entire neighbourhoods in New York City becoming decayed and abandoned. Because demand outstrips supply, there is little incentive for landlords to keep their properties in a decent state, especially in poor parts of town:

Paul Niebanck found that 29 percent of rent-controlled housing in the United States was deteriorated, but only 8 percent of the uncontrolled units were in such a state of disrepair. Joel Brenner and Herbert Franklin cited similar statistics for England and France.

Block quotes Gunner Myrdal, an architect of Sweden’s welfare state who was given the Nobel Prize in economics as the left-wing balance to his co-winner FA Hayek:

Myrdal stated, “Rent control has in certain Western countries constituted, maybe, the worst example of poor planning by governments lacking courage and vision.”3 His fellow Swedish economist (and socialist) Assar Lindbeck asserted, “In many cases rent control appears to be the most efficient technique presently known to destroy a city—except for bombing.”

Rent control would be worse than the status quo, but there are some things the government could do to make things better. Capping (or abolishing) housing benefit would reduce some of the upward pressure on demand, but the best thing would be to allow the supply of new places to live to grow. Britain’s planning laws are choking the construction of new homes, particularly low-rent ones. Why? As Mark Pennington has pointed out, planning laws give undue power to articulate middle classes, who can use it to block “undesirable” low-income housing developments in their areas. Reforming this system, so that it’s easier to build new homes of any type, would be a good step.

The grinding, anti-poor, primitive socialism that is rent control would be a catastrophe for the urban poor. Everybody should recognize this. No less than the Foreign Minister of the Socialist Republic of Vietnam spoke about rent controls in 1989:

Mr. Thach admitted that controls ... had artificially encouraged demand and discouraged supply.... House rents had ... been kept low ... so all the houses in Hanoi had fallen into disrepair, said Mr. Thach.

"The Americans couldn’t destroy Hanoi, but we have destroyed our city by very low rents. We realized it was stupid and that we must change policy."

https://www.adamsmith.org/blog/planning-transport/only-bombing-would-be-worse-than-rent-control

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093413)



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Date: May 20th, 2018 9:58 PM
Author: burgundy place of business potus

They'll come around to the truth of the issue.

9 months ago they ran a shitty story about how the cause of subway delays was "overcrowding," despite the easily available fact that the subway was getting shittier even as ridership was declining. A week ago they came out with an article about how "overcrowding" was a BS catch-all excuse the MTA was using, and pointed to the fact about ridership falling but the subway getting shittier (which any decent fact-checker/reporter would've bothered to look up the first time)

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093455)



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Date: May 20th, 2018 10:03 PM
Author: fragrant patrolman associate

re nyc it is pointless to talk about merits demerits of rent control as though it were a couple slides in econ 201. hundreds of thousands of people rely on its protections, landlords have a strong incentive to push these people out. game set.

do we enforce the rules or not? do we let landlord break rules, harass tenants, commit fraud? the landlords that are aggressive with rent stabilized tenants almost always are committing multiple types of fraud, filing false paperwork with various city agencies, giving different #s to banks and irs re rent rolls etc etc.

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093499)



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Date: May 20th, 2018 10:09 PM
Author: fragrant patrolman associate

also remember that they are buying buildings at a price that should reflect that some of the units are rent stabilized (not many controlled really)

sadly i think that its gotten to the point that the only people bidding on these properties are SHARKS looking to HUNT tenants the fuck out of their units, so the price probably gets bid up close to where it will be after their fuckery

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093550)



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Date: May 20th, 2018 10:06 PM
Author: razzle-dazzle bull headed range

nyc landlords are pure shit.

but they can't fight the tide.

i'm getting 3 months free on rent and it's only going to get better.

1. massive supply coming online in manhattan

2. overbuilding in brooklyn, NJ, and long island city

2. demand has been stabilizing as chinese money subsides

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093520)



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Date: May 20th, 2018 10:12 PM
Author: fragrant patrolman associate

180

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093575)



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Date: May 20th, 2018 10:23 PM
Author: Laughsome buff university

bullish or bearish for eth?

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093656)



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Date: May 20th, 2018 10:29 PM
Author: blue psychic

dat china money needs to go somewhere

(http://www.autoadmit.com/thread.php?thread_id=3982421&forum_id=2#36093703)