Editorial: Rent regulation an unfair relic
Originally published: April 2, 2012 7:12 PM
Updated: April 2, 2012 7:14 PM
|Photo credit: Getty | Stuyvesant Town apartment complex in Manhattan has rent-stabilized dwellings
As New York City extended its participation in rent regulation recently for another three years, theU.S. Supreme Court is weighing whether to take on a case challenging its constitutionality. The court shouldn’t wait any longer to determine whether an outdated law that forces a private landlord to continue renting to a particular tenant, and sets the amount of rent charged, violates the U.S. Constitution.
Rent regulation distorts what should be a free market. It results in less rental housing, as landlords shun the business. And it can lead to the deterioration of available housing. Landlords whose rental income is restricted by government fiat have less money and less incentive to invest to maintain or improve their buildings. Continue reading