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MANY apatments have been destailized over the last several decades and the result is the HIGHEST rents in the country. SO, so much for the concept of "destabilization = lower rents."
That's akin to lower taxes on the rich and the economy will BOOM!
Both are nonsensical.
When landlords can charge higher rents, guess what, they WILL charge higher rents.
It depends on demand, right?
Do you believe that there is a substantial number of potential renters who would pay 3.5k/ month but can't find an apt? Is there shortage of high priced rentals in NYC? Personally I find it hard to believe that there is a shortage of high priced units. Especially in this economic climate.
More typically what happens like we saw in boston is rents go up initially. Apartments that went decades with no renovations are now being upgraded and new cost money.
Boston had a surge in work and construction permits when stabilization ended
When was this? Was this during the housing bubble or during an economic expansion?
Did the median rent price surge across all og Boston or just in desirable districts?
Was there a shortage of rentals in Boston before the programs ended?
i dont know much about boston other than in the two years following destabilization rents on average rose at the same time building and work permits soared. i believe it was back in the 1990's
i had no interest in really looking at things there so im not sure where they stand today
i dont know much about boston other than in the two years following destabilization rents on average rose at the same time building and work permits soared. i believe it was back in the 1990's
i had no interest in really looking at things there so im not sure where they stand today
Rent control was repealed in 1994 in Boston. Rents did soar, but they also soared in New York at the time, so it wasn't due to rent control--the late 90s were just good years for landlords.
It reminds me of an argument I heard about my HUGE last market rent landlord who got GARGANTUAN tax breaks from City and State.
Someone posted on a local board that if ONLY the landlord got even LARGER tax breaks, he would drop rents somewhat.
The stupid implication was that if given a low cost structure, a landlord would charge LOWER than the market will bear. NO he will STILL charge market rent.
(Gosh, every time I type the word LANDORD I want to vomit. Will there never never be a time that FEUDALISM is consigned to the Dark Ages and the Lords of the Land are relegated to fantasyland?)
It reminds me of an argument I heard about my HUGE last market rent landlord who got GARGANTUAN tax breaks from City and State.
Someone posted on a local board that if ONLY the landlord got even LARGER tax breaks, he would drop rents somewhat.
The stupid implication was that if given a low cost structure, a landlord would charge LOWER than the market will bear. NO he will STILL charge market rent.
(Gosh, every time I type the word LANDORD I want to vomit. Will there never never be a time that FEUDALISM is consigned to the Dark Ages and the Lords of the Land are relegated to fantasyland?)
Hey, look, everyone! Someone doesn't know what "feudalism" means!
I am a rent controlled tenant who is unemployed caring for an elderly relative.That God for rent regulated apartments!Most of us can not afford to pay even $1400.We are not all Stock Brokers and Bankers.A Social Worker,Teacher,Nurse or anyone in the helping professions would have a lot of difficulty paying market rent.
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