Foundation for Economic Education486 likes
New York City is in a massive housing crisis, yet up to 50,000 apartments are sitting completely empty.
Why? Comment “Rent” and we’ll send you the video! Welcome to the world of “ghost apartments.” Rent control and rent stabilization sound compassionate on paper, but in reality, they crush the housing supply. When complex building codes demand tens of thousands of dollars in renovations and local laws cap how much rent a landlord can collect, property owners can’t afford to fix the units. Their only option? Lock the doors and take the apartments off the market entirely. Even worse, rent-controlled units rarely end up helping the people who need them most. Landlords end up renting to wealthy applicants with flawless credit, or fresh college grads who state zero income right after graduation and go on to make six figures while keeping a subsidized apartment.
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