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Know the facts: Fewer Apartments=Higher Rents

Posted by Unstoppable Ed on August 15, 2000 at 19:51:12:

In Reply to: Nothing's stopping you posted by A Chelsea tenant on August 15, 2000 at 12:41:23:

: In the real world, landlords don't factor the costs of their regulated apartments into rents for unregulated apartments. They charge as much as they can get, period.

They charge as much as they can get, just as the any business does...or just as you would do for your own salary for that matter. But, they are limited to what tenants like yourself are willing to pay, and what other landlords (the competition) are charging. This is basic supply and demand economics that works the same at the butcher, baker or computer shop.

Rent regulation, however, takes about 1/2 the supply of apartments off the market. Imagine the affect of someone buying up, for example, half the available supply of rice, or gasoline, and imagine what that would do to the prices of the remaining half of the supply left over. They would skyrocket, just like unregulated rents in New York.

In the real world, rent-controlled tenants don't just return their apartments once they no longer need them, or earn too much income. They try to pass them on to relatives, sublet them at a profit or just keep them vacant as a "pied-a-tiere". That's why the rest of us are left to pay top dollar for unregulated apartments, and that's why rent regulation means fewer apartments.

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