Manhattan rents cross $5k threshold for first time

Re:Manhattan rents cross $5k threshold for first time by refurb on Thursday July 14, 2022 @12:17PM (#32097997)

Read up on rent control in the 70’s and landlord’s burning down their own buildings to collect insurance.

Artificially forcing prices low just reduces supply.

But no doubt NYC will head down that path.

Seems like all major cities are repeating the policies of the 60’s-80’s that causes populations to drop.

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Re:Manhattan rents cross $5k threshold for first time by intrasight on Thursday July 14, 2022 @01:04PM (#32098683)

Flashback to late 1970s driving through the Bronx with my family - an annual ritual as most of the extended family was still in the NYC area while we had moved to Rochester. We would pass blocks of empty high-rise apartments in the South Bronx.

As a middle-middle-class suburban kid, I just couldn't conceive of how the wealthiest city on earth could have sections that looked like a bombed-out and evacuated European city following World War II.

I asked my father what had happened here. He answer was "rent control".

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