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We don't have a housing crisis due to lack of land. I think we have a housing crisis because of overly-liberal economic policies.
The NYC housing market is not allowed to act like a market.
Yes, it is just like a market. Someone can buy a rent stabilized building, tear it down, and replace it with luxury housing. Someone can buy tenement housing, evict and/or buy out all the tenants, and turn it into luxury housing.
Liberal for some means everything they cannot afford!
The massive amount of government interference may contribute to the housing mess but really it is market driven. Too many people want to live in NYC and there are only so many square feet to parcel. Too much demand and too little supply.
Bingo, it's all ultimately supply and demand. So many people from all around the world either want to live or to own in NYC, so this pushes prices up!
Yes, it is just like a market. Someone can buy a rent stabilized building, tear it down, and replace it with luxury housing. Someone can buy tenement housing, evict and/or buy out all the tenants, and turn it into luxury housing.
The only thing true about this - "buy out."
Moreover, with a stabilized building, each unit would need to be deregulated.
On the rental side, another factor driving up prices is real estate speculation/hype — and it is by no means limited to NYC. This practice is aided by property rental companies and brokers posting falsely inflated "average" rents for various neighborhoods. Overall, I find that the New York Times is as guilty of this as real estate-specific "news" sites like CurbedNY.
Moreover, with a stabilized building, each unit would need to be deregulated.
Depending on the conditions and circumstances, rent stabilized tenants can certainly be evicted.
Owe enough money in back rent?
Evicted.
Illegal sublease conditions (perhaps the primary tenant doesn't even live there anymore).
Evicted.
Get yourself locked up in jail for awhile? Then it's hard to pay your rent and defend yourself against your landlord in court.
Evicted.
If the building is in extremely poor shape, the city can order a vacate the premises.
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