superrific
Legend of ZZL
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All right. We know he's not going to build 200,000 new units. This is NYC. I don't think the rent-freeze idea depends on that.I get where you’re coming from, but Mamdani’s rent freeze proposal isn’t just some standalone slogan, it’s part of a broader housing strategy. He’s calling for a rent freeze specifically on rent-stabilized units in NYC, where many working-class New Yorkers are facing displacement from homes they’ve lived in for decades. That’s not just political theater; it’s a targeted measure to keep people housed while the city ramps up supply.
The rest of his platform includes building 200,000 new units and loosening zoning to encourage more private development. So it’s not anti-supply, it’s a both/and approach: protect tenants now, while expanding housing for the future. You might still disagree with the freeze on principle, but it’s part of a much more comprehensive plan than it might sound like in a soundbite.
Caveat: It's hard to have a meaningful discussion about housing policy in New York because so much depends on the details. Once upon a time, I knew those details, but I've forgotten a lot and probably a lot has changed (the data certainly has).
Anyway, as I remember it, a rent-stabilized unit is one where the rent cannot increase more than X% a year (whether or not it is occupied; occupation tightens the allowable increase, but I don't think stabilized units could ever just double in rents when the tenant changes). Except there is a cap: once the rent gets to a threshold, it is no longer capped at all.
IIRC the cap was $2000 a month. I don't know if that figure has changed, so let's go with it for illustration. Alice rented an apartment 18 years ago for $1000 a month. The rent has gone up by 4% a year, so it has now doubled. The next rent increase will take it over the $2000 cap, at which point it becomes unregulated. In the meantime, rents in surrounding properties have shot up. So the minute the rent gets one penny above $2000, the landlord will raise it to $4000 or more.
Whatever your views on rent control in general, this situation is untenable. Though at least with congestion pricing it's not quite as costly to move. . . .