An 85-year-old tenant struggles with navigation in a rent-stabilized apartment while a family faces a 30% rent increase. Rent control debates highlight the balance of stability versus economic flexibility, revealing how regulations limit housing supply and tenant movement. While supporters argue it keeps people in homes, critics claim it creates low vacancy rates and hinders job mobility. In New York City, a mere 0.98% of rent-stabilized units were vacant in 2023, indicating growing housing scarcity and increasing market rigidity.
Only 0.98 percent of rent-stabilized units were vacant in 2023, highlighting the severe housing shortage intensified by rent control policies.
Supporters of rent control argue that it prevents displacements, while critics highlight its contribution to ultra-low vacancy rates and economic stagnation.
The core problem in housing affordability lies in limited supply and rigid regulations that restrict renter mobility, resulting in an inflexible housing market.
Michael Hendrix of the Manhattan Institute notes that the issue of housing affordability is exacerbated by regulatory solutions that fail to increase availability.
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