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