Half the joke in the Mamdani rent-freeze is that it doesn't do more than limit the rate of growth of landlord incomes.
If anything, it encourages landlords to start releasing more units that have been withhold from the market as an excuse to raise rents as there's less incentive to constrict supply under a price cap. That's going to mean more cashflow, even if it threatens lower profits per unit.
Source on this here. Indeed the landlord story of "but we can't afford repairs!!" was a lie. On the other hand, doesn't this also imply that we've already got most of the effected units on the market. So we shouldn't expect many more gains?
You'd need someone with access to a large body of accurate data to survey it and tell us.
One more reason why a guy like Mamdani in the mayorship is useful. He's invested in identifying real estate bottlenecks and unclogging them, whereas an Eric Adams simply doesn't care and a Cuomo would only do the work if he got some kind of kickback.
Yeah I thought this was false: There is no extension of rent stabilization to additional properties, just maintaining it where it already is? And stabilized rent will goes up, just a bit slower.
9 Comments
slazer2au@lemmy.world · 59 pts · 304d
If only.
UnderpantsWeevil@lemmy.world · 35 pts · 304d
Half the joke in the Mamdani rent-freeze is that it doesn't do more than limit the rate of growth of landlord incomes.
If anything, it encourages landlords to start releasing more units that have been withhold from the market as an excuse to raise rents as there's less incentive to constrict supply under a price cap. That's going to mean more cashflow, even if it threatens lower profits per unit.
Artisian@lemmy.world · 18 pts · 304d
Source on this here. Indeed the landlord story of "but we can't afford repairs!!" was a lie. On the other hand, doesn't this also imply that we've already got most of the effected units on the market. So we shouldn't expect many more gains?
UnderpantsWeevil@lemmy.world · 8 pts · 304d
You'd need someone with access to a large body of accurate data to survey it and tell us.
One more reason why a guy like Mamdani in the mayorship is useful. He's invested in identifying real estate bottlenecks and unclogging them, whereas an Eric Adams simply doesn't care and a Cuomo would only do the work if he got some kind of kickback.
theuniqueone@lemmy.dbzer0.com · 10 pts · 304d
Optimistic if not delusional take.
IvyisAngy@lemmy.world · 7 pts · 304d
It's a temp fix to have time to actually figure something else out, most likely.
"Here is immediate action I can do to show I'm doing something while I work on a real solution."
She says optimistically-
Artisian@lemmy.world · 7 pts · 304d
Yeah I thought this was false: There is no extension of rent stabilization to additional properties, just maintaining it where it already is? And stabilized rent will goes up, just a bit slower.
Brkdncr@lemmy.world · 7 pts · 304d
Rent freeze is never a long term plan anyways.
caboose2006@lemmy.world · 4 pts · 304d
They won't. They'll have to cancel that fourth vacation this year. Oh the humanity.