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by ceeplusplus
1458 days ago
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Rent control doesn't create affordable housing. It benefits existing residents at the cost of everyone else who wants to move into the city. It is a classic example of why price caps don't work: in practice, in order to win the application for rent controlled units, you slip the landlord a few hundred $, security deposits balloon in size, and the quality of the units declines precipitously. In NYC the bribe is more like a few thousand dollars. Public housing is its own problem. It creates de facto ghettos, which is a major reason why locals oppose construction of public housing. It turns out that landlords' financial incentive to screen prospective tenants generally does a good job of weeding out trashy people who destroy the unit and surrounding area. |
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But - in areas where there is already very high density, you need transportation that lets people live cheaper but still get to work. You don't need to worry about housing a bank VP in New York; but housing for the people working at the bodegas is needed.
Rent control and other "limited" things basically make company housing with a middle-man added.