Posted by MikeW on April 16, 1997 at 11:50:08:
In Reply to: Re: Please End Rent Regulation posted by Sir Loving on April 16, 1997 at 00:17:30:
: It has also caused 50 years worth of decrease housing construction. This is mainly because it is impossible to empty a building to tear it down to rebuild (Land being the main limiting factor in New York housing construction, especially in Manhattan.) This has been a long, cumulative effect, the consequences of we are now stuck with.
: Lets get real... you don't have to tear down the block in order to remodel an apartment. After theses appartments are vacated due to attrition wealthy landlord's contractors easily redo the apartments and the landlord proceeds to charge new market rent. (See the NYC Rent & Rehabilitation Law).
I'm not talking about renovating existing apartments, I'm talking about creating new apartments ( and not just carving a two bedroom into a one bedroom and a studio ). To add a significant number of apartments to the market, you need to find a piece of land and build a building with lots of units. Since there is very little open land available, especially in good residential areas, that means tearing something down.
Another benefit to this is that under the current real estate tax structure, 20% of the apartments in new rental buildings would be reserved for low income tenents. So you'll end up with more affordable housing in one large new building then in several little tenements ( whose rents currently may or may not be affordable)
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