Rent control has prevented developers from redeveloping reasonably priced apartment units because there is no return. Government crooked intentions worked just the inverse of what the "do-gooders' intended. Their is now a caste system within new apartment buildings, complete with separate entrances and fenced-off balconies in the same buildings, to keep the lower class away. m/r
Blog: Welcome to rent control! 88,000 apply for 55 apartments
April 21, 2015 By Newsmachete
Eighty-Eight thousand people (so far) have applied for 55 low-rent apartments in a fancy new condominium building on Manhattan's upper west side. The lucky few could get a two bedroom apartment for less than $1100 a month in the West 60's of Manhattan. To get tax breaks, developers of luxury buildings make some units available at below market rent rates, and this is what happened here.
But as you can see from the number of applicants, this program will never produce enough low income housing. Rent control is the biggest obstacle to building new affordable housing; that's why nearly all new construction in the private sector are luxury units not subject to rent control.
But as you can see from the number of applicants, this program will never produce enough low income housing. Rent control is the biggest obstacle to building new affordable housing; that's why nearly all new construction in the private sector are luxury units not subject to rent control.
This is the way the liberal mindset works. The Left promises everything: low cost healthcare, high paying jobs, and low cost apartments. The only catch is that most people never see these benefits. The new Obamacare plans sharply limit the choices of doctors and hospitals that are available. Raising the minimum wage and Obamacare healthcare requirements sharply reduce the number of jobs. Low cost apartments are available in less than one percent of the amount needed to meet demand.
But this is an old story that many of you know. There are two things about this particular building, however, that you probably don't know that makes for entertaining news:
1) This building has two separate entrances, one for the low income renters and one for the condominium owners. How shocking! How elitist!
2) The condominiums in the building go for prices ranging from 4 million dollars to 25 million dollars. And what do you get for that money? A building right next to the fumes and noise of the West Side Highway. There's even a little park in front of the building within 20 feet of the highway you can take relaxing walks... by the elevated highway.
There are no supermarkets in the neighborhood, and the nearest subway line is several long avenue blocks to the east, just past Lincoln Center! Lincoln Center is a very fancy musical performance venue. But in order to get to the Lincoln Center, and the supermarkets, and the subways, you have to walk by a very dangerous megahousing project four blocks long that always seems to be in the news. That's right! …
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