Evidence from Britain and around the world conclusively demonstrates that rent controls lead to poorer quality accommodation, fewer homes being rented and ultimately higher rents – hurting those most in need.
If high-rent blight hurts New York's municipal economy, what, if anything, might be done?
As with the misuse of condemnation powers, rent control perversely hurts the very people it is supposed to help.
This year the National Association of REITs office index is down by 6%, as Wall Street anticipates a slump that will hurt rent rolls; that is almost identical to the S&P 500′s 2001 losses.
Even in Flint, where houses are available for $300 to $600 a month, "rent is the main thing that hurts you," Ms. Burnash said.
A report several years ago by the Illegal Hotels Working Group gave examples of how these conversions especially hurt rent-stabilized tenants in lower-income housing.
Inside they found not cash but blank pieces of paper, on which he asked them each to write the names of three rent-seeking officials hurting their businesses, promising to investigate.It is the sort of story Nigerians like to hear about their president, following his re-election in April.
As tenants struggle to make rent, delinquencies are up, bringing down rents and values and hurting the already struggling secondhand market for mortgages that cover these properties.
In an interview, he said that the legislation, especially the provision that would have limited landlords' ability to remove units from rent regulation, would have hurt both renters and owners, especially during a downturn.
More transparent markets for derivatives hurt the profits of firms that were selling things nobody understood; interchange reform hurts the profits of the companies that were earning big monopoly rents on credit cards; consumer protection undermines the business of making money by duping financial customers.
