the exodus has not happened yet.

and the city told me I couldn't charge market rates, I'd sue them. Realistically, affordable housing only happens when Federal, State and Local agencies work together to provide subsidies for rental assistance or build government-owned rental housing (think Section 8 & HUD).

From a renter's perspective, YeeHaw Rent Control! Yay! From a landlord's perspective, rent control is pernicious. You can't sell your building if your profits are tightly limited or non-existent.

Unless the government backfills the lost profits, why would any landlord agree to participate in that type of program? It only works when apartment buildings are sitting empty and landlords want a steady stream of any type of renter just to fill the rooms with paying tenants.

It will be so interesting to watch what Mamdani does to fix this endemic problem.

Because the option is now there to do same type of thing that 45 is doing to universities, law firms, the media, corporations big and small, and even states and whatnot.

I.e.,

Newer buildings get tax breaks, extra allowances on building size for setting aside, 20-30% of the units, the remaining units are still market rate. These new projects just needs to be valued approiately. Trust me the only landlords struggling are small operators, who bought small buildings hoping to clear the regulated tenants, but a process to do that has been elimitated for awhile now. Either Guiliani Bloomberg, the fake Democrat he was, slinked in a way for owners to convert units for personal use. The most outrageous example was a Columbia Dean who cleared a 20 unit building in spite as the tenants refused offers to move around in the building to inferior apartments. After that the rules were reformed. Part of how those loopholes were closed was by primaring the traitors in our State Senate delagation who under the banner Independent Democratic Caucis rand as D and then sat with the Rs and were only D on the ballot. We had to primary 7 or the 8 to break that landlord funded logjam to fair housing.

the builders take the incentives and then break their promises with no consequences. They get permits to build a 250-unit condo complex promising to make 20 of them deed-restricted affordable and then forget to actually offer those 20 units at the agreed on affordable rate. And consider still how the potential low-income future owners of these units balk that they'll be limited to 5% profit if they ever decide to sell their unit. They want them cheap AND the ability to sell them at market rates when the time comes.

It's a very complex issue that has been plaguing cities for a century.

People have to pay a mortgage on a purchase price, they do get the mortgage interest and property tax breaks, but then their equity can't appriciate. Here in NYC one of those willfully drive turnover and charge higher equity prices to incoming tenants, than what the leaving ones get. I wasn't reffering that that side, I was speaking about rental price regulation here in NYC, specifically.

Therefore you'd already have the building or you just bought it fully aware of the limits. There have been newer programs but while those use the same rent guidlines for increases those buildings are under deed restrictions that have backups to calculate the allowed increases. And those limits are only on 20-30% of the building's units. These rules date to the 1940s, with only leases initiated before late 1970 part of a freeze, and later buildings with limited increases for newer leases on pre 1975 buildings. There is plenty of market rate, only issue is the market rate has been distoreted by limits and subsidies over 80 years now.