The Perpetual Tragedy of Rent Control. A New York City Example.
New York City housing regulators recently decided how much landlords will be able to raise rents. Despite inflation raging at a 40-year high of 8.6%, they decided on an increase of 3.25%. In real terms, this is a rent reduction of 5.35% (3.25% minus 8.6%), assuming the costs of maintaining the building rise in line […]