Good ideas and conversation. No ads, no tracking. Login or Take a Tour!
humanodon · 4065 days ago · link · · parent · post: David Byrne: If the 1% stifles New York's creative talent, I'm out of here
Keep in mind that NYC conforms to the economic theory that rent control does not in fact benefit those that can best use low cost housing. A lot of rent controlled apartments are rented by people with higher salaries. Additionally, landlords have less incentive to maintain their buildings as there is less competition in prices. Also, this means that new buildings aimed at attracting people that can only afford non-luxury apartments are not profitable for developers. Thus, luxury buildings.I do believe that there is still hope for New York City, it certainly isn't in tatters. That said, it does seem that most of the improvements have a direct impact on the well off and a more marginal impact on those less fortunate (crime rate aside).