What If The Supreme Court Kills Rent Control?
The Supreme Court is considering a case filed by James Harmon, a onetime Reagan Administration lawyer who owns a brownstone on West 76th street in Manhattan. One of his tenants, an executive recruiter named Nancy Wing Lombardi, has leased a one-bedroom apartment in the building since 1976. Since the apartment is rent-controlled, she pays $1000 a month, at least half what an unregulated apartment in the same neighborhood would cost. Harmon argues that laws limiting how much rent he can charge are an unconstitutional “taking” of his property. The court has not yet decided to take the case, but it has asked for additional briefing – “taking a harder look,” the Wall Street Journal reported, “than anyone expected.” Continue reading