This new legislation is guaranteed to prompt rapid deterioration in buildings that are now high-quality, by forcing landlords to cut their spending on maintenance and repairs.
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“In many cases rent control appears to be the most efficient technique presently known to destroy a city—except for bombing.” — Assar Lindbeck
It’s hard to underestimate the arrogance and stupidity of politicians and bureaucrats. BUT, then they go and “exceed expectations” to the downside.
I can’t image the logic that ignores the history of “rent control” and it’s impact on the housing market.
Maybe it’s time for a NY-Exit, like BREXIT, but for the states that are unsalvageable.
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