It has been a little over two months since New York state adopted a sweeping set of new laws that will make it harder for landlords to raise rents on stabilized units or move them out of regulation.
For the renters and tenant community, the new rent control law was good news. But the real estate establishment called it unfair, ineffective, and unconstitutional.
There’s no question that New York faces a severe housing affordability crisis, but it is questionable whether draconian rent control measures is the way to fix it. Such measures may at best provide temporary relief, but in the long run they could tighten up housing markets and cause rents to go up even higher….