How Rent Control Has Helped New York Economically And How London Currently Has Rent Inflation Essay

Some economists would argue the above mentioned examples of why rent control is harmful to

Americans across the United States search for the perfect home, location and square footage of course a great price to pay for their castle. Finding an affordable place to live is ideal, and necessary for survival in this day of age. As the years go by the cost of living increases but Americans do not receive a cost of living raise. The demand for affordable housing is on a all time high, but so is the cost of housing in the metropolitan areas across the United States. America must take care of its citizens and should provide affordable housing programs, to assist Americans to either purchase or rent a home.

Rent control refers to laws that limit the amounts of rent and the amounts that rent can be increased in any year. There is no statewide rent control in the US, and all the rent control laws and regulation are passed by cities. Most of the cities with rent control are located in New York, California, and New Jersey. Washington, D.C. also has rent control.

Those who cannot afford the high prices of housing are often forced out into the streets where they face a very uncertain future due to the number of abuses they encounter daily from all walks of life, with the most damning being the vagrancy laws that come into vogue in areas that are getting gentrified, which many cities have passed to “protect” their newfound assets and tax base from the “lowering” of property values. Furthermore, when cities such as Los Angeles demand that property developers set aside affordable housing for lower income people, they get sued in court, such as in 2009, when real estate developer Geoffrey Palmer successfully sued in order to overturned an ordnance which required that. This was also the same man who also proposed building a footbridge connecting two of his buildings to minimize contact with people he deemed undesirable (Davis).

of rent will not increase as quickly as inflation. While the moral side of rent

According, to an article “The Rent Really Is Too Damn High In New York” by Christopher Mathias he states that “over 50 percent of New York state residents pay they can’t afford” which is why so many families are struggling with public assistances or even qualifying for welfare. Additionally, Mathias goes on to mention that families are having to pay about thirty percent more of their income, just to be able to pay rent and in the process are not able to afford the necessities like food, clothing, transportation and even medical care. Through this article we are given a map of the percentage of rent paid in households across New York City.

In San Fransisco there’s a site called Rentberry that allows renters to bid on apartments, similar to Ebay. Renters set a rent price, deposit, and other negotiables and the best offer gets the apartment. Services similar to Rentberry are popping up across the country as Americans who rent property surpassed those who own their own property. In half of the U.S’s 100 largest cities renters make up more than half of the people living in the city. The idea for Rentberry came from the concept that Americans bid on homes to own, so why not bid on rental properties. Critics claim that rent prices will rise 5% because of the expansion of rent-bidding. However, results found that rent actually decreased by 5.1% on average. Economists say that there

The accuracy is primarily due to Routhier’s extensive use of graphs and statistics, which provide visual depictions of the issues being discussed. The accuracy of this article is further seen through its use of citations, listed at the bottom of the page where each citation is used, for each statistic and graph presented in the article, making the evidence used in the article credible. One source Routhier used comes from the Metropolitan Council on Housing, which was used when discussing the lack of affordable housing available in New York City. The article she used states, “Many neighborhoods that used to be affordable to people of modest means have seen rents skyrocket, and the only reason why most long-time tenants are able to stay in the communities where they set roots is because of our rent-regulation laws” (Metropolitan Council on Housing). This directly connects with Routhier’s argument regarding unaffordable housing. The direct connections display both the credibility and accuracy of the source. While the article’s primary focus is the homeless population in New York City as of the year 2017, it covers a vast number of variables involved. Such variables include individuals, families, those living in shelters, and those who are not living in shelters. Each variable is covered through both Routhier’s written account and visuals, which analyze

When you were running for mayor you said that you will stand for the 99%, being true to your word you are trying to pass regulations to help that 99%. Especially passing the Rent Regulation Laws of 2015, which will save hundreds of tenants, but it will only solve the issue for the next four years. Other solutions that you are taking is inclusionary zoning where Developers get tax breaks for having at least 20% of their apartments to be affordable rent. On the other hand the price of affording rent is far fetch from what is affordable for the working class. As rent increases to a record high in parts of Brooklyn and Queen. We are now facing with the older tenants being price out. The average household income in New York City, where the rent is changing faster than wages, renters don 't make enough for the new affordable rent which is about 2000 a month in these inclusionary zones. Moreover, these solutions just solve the question of the limited stabilized rent and not the issue of stopping the removal of the population that was already around nor the gap between the rich and the poor.

High rent is a problem that many New Yorker’s have to face, just like me, they’re millions of people living in the city force to give up more than half of their paycheck every month. Taking that in consideration if we combine others bills like gas, electricity, food shopping and other expenses we can say that most of us work just to pay the bills. I understand that landowner and companies only purpose is to make money at any cause when they raise the prices to a ridiculous amount they don’t see people giving up more than 50% of their salaries. All they see is money because at the end of the day that’s what everything is about for them. The city of new York without of doubt is the greatest place on earth but that does not mean

According to Zhou (2017) tenants within the lower income brackets are experiencing lower quality properties with health and safety standards slipping despite rising rental prices because of high earning renters pricing out inner city properties, pushing low socio-economic status individuals onto the fringes with many feeling being discriminated against due to their low earnings. The state government’s decision to forbid rental bidding will “strike a fair balance between the rights” of landlords and protect tenants by eliminating unfair discrimination against low income earners who cannot out compete higher income earners, said Acting Consumer Affairs Minister Lily D'Ambrosio (Dmytryshchak

According to Chapter 17 of Real Estate Principles by Charles J. Jacobus, the main reason rent control is used today is to protect against inflation. But what happens when inflation is not a huge problem anymore? Will rent control still be effective? A study was performed in San Jose about their 1979 rent control ordinance which showed that the ordinance did little to actually restrain rent. The current ordinance allows for a tenant’s rent to increase 8% per year if the unit was built before 1980.

Some individuals may believe that buying a home is part of the American dream and that renting an apartment does not compare, yet satisfied renters would disagree. Even though owning a home provides a sense of security while allowing modifications without permission, renting is preferred more often over buying because the expense of updating, monthly payments combined with utilities, and paying insurance on a home comes with a high price tag. A homeowner does have several luxuries such as forming lasting friendships with their neighbors, making landscaping changes to their yard, painting and designing their home. While that remains true, renting an apartment comes with several different options and

The lure of rent control is the argument that it would make housing more affordable and would prevent rent hikes. The only seeming downside would be a revenue loss for landlords, who are perceived as “1

“States should enact legislation similar to the Massachusetts model requiring communities to set aside, or allow, a certain portion of housing units for afford- able housing. Under this model localities can adopt local zoning that encourages rental development in areas the municipality has determined are best suited. If a municipality continues to have exclusionary zoning, then the requirement would be enforced by developers who can override local zoning barriers, with appeals to a state-run zoning board.”