Donald Trump in The Art of the Deal


On Budget & Economy: Rent control only benefits a privileged minority

At 100 Central Park South, many tenants were fighting to protect the ultimate in New York real estate: beautiful apartments with great views-at an unbeatable location. Most important, with rent control and rent stabilization, they were enjoying one of the great windfall subsidies in the free world.

Rent control is a disaster for all but the privileged minority who are protected by it. As much as any other single factor, rent control is responsible for the desperate housing crisis that has plagued NYC for the past 20 years. Like a lot of failed government programs, rent control grew out of a decent idea that ended up achieving exactly the opposite of its intended effect.

Unlike most developers, I don’t advocate eliminating rent control. I just think there ought to be a means test for anyone living in a rent-controlled apartment. People with incomes above a certain sum would be given a choice between paying a proportionally higher rent for their apartment or moving somewhere else.

Source: The Art of the Deal, by Donald Trump, p.167-69

On Government Reform: Rebuilt Wollman Rink in 4 months; city failed for 6 years

For nearly seven years I watched from the window of my office as the city tried to rebuild Wollman Ice-Skating Rink in Central Park. At the end of that time, millions of dollars had been wasted and the job was farther from being completed than when the work began. They were all set to rip out the concrete and start over when I finally couldn’t stand it anymore, and I offered to do it myself. The job took 4 months to complete at a fraction of the city’s cost.

I discovered that the city’s incompetence had extended to every imaginable detail, large and small. One week after I’d made my deal to take over rebuilding the rink, a city report was released on mistakes made over the past six years. The report provided an astounding chronology of sloppiness, indecision, incompetence, and stupidity, but it came to absolutely no conclusions about who was responsible for the fiasco and what could be done to avoid such failures in the future. If it weren’t so pathetic, it would have been almost comical.

Source: The Art of the Deal, by Donald Trump, p.43 & 204

The above quotations are from Trump: The Art of the Deal, by Donald Trump.
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