>Mamdani isn’t pitching widespread price controls, but rent control over a small section of New York housing twinned with abundance-style new development
He's not actually pitching any new price controls. He's proposing a temporary rent freeze on rent stabilized (rent control is tiny in comparison and unaffected by this) apartments that are already subject to limits on rent increases.
How do I know this? I live in a a rent stabilized apartment. The rent for which, even though increases are "limited" (usually somewhere around 3-5%) has more than doubled since I moved in.
So no. Mamdani isn't suggesting making any changes to the law as it has existed for at least 50 years, rather he's suggesting stopping rent increases while fast-tracking new housing, which would likely stabilize the housing market.
As an aside, which most folks don't understand, is that the vacancy rate in NYC is ~1.5%. Healthy housing markets have vacancy rates of 4-6%. Like many places in the US (and elsewhere), NYC has a housing shortage. But in NYC, that shortage is much more severe than almost anywhere else in the US.
He's not actually pitching any new price controls. He's proposing a temporary rent freeze on rent stabilized (rent control is tiny in comparison and unaffected by this) apartments that are already subject to limits on rent increases.
How do I know this? I live in a a rent stabilized apartment. The rent for which, even though increases are "limited" (usually somewhere around 3-5%) has more than doubled since I moved in.
So no. Mamdani isn't suggesting making any changes to the law as it has existed for at least 50 years, rather he's suggesting stopping rent increases while fast-tracking new housing, which would likely stabilize the housing market.
As an aside, which most folks don't understand, is that the vacancy rate in NYC is ~1.5%. Healthy housing markets have vacancy rates of 4-6%. Like many places in the US (and elsewhere), NYC has a housing shortage. But in NYC, that shortage is much more severe than almost anywhere else in the US.