Help NYC's Middle-Class
4 October 2006
The Editor, New York Times
229 West 43rd St.
New York, NY 10036
To the Editor:
Alexis Hoffman says that New York City "must quickly develop a plan to retain the middle-class population" (Letters, October 4). NYC can start by abolishing rent control.
By decreasing the profitability of supplying units occupied by renters, these controls spawn condo conversions and prompt builders to construct fewer rental units and more units for sale to owner-occupiers. Persons who can't afford to buy housing are unnecessarily disadvantaged. Rent-control also encourages empty-nesters who enjoy below-market rents for their three- and four-bedroom apartments to stay put rather than move into smaller units - thus discouraging younger families with children from moving to the City.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
The Editor, New York Times
229 West 43rd St.
New York, NY 10036
To the Editor:
Alexis Hoffman says that New York City "must quickly develop a plan to retain the middle-class population" (Letters, October 4). NYC can start by abolishing rent control.
By decreasing the profitability of supplying units occupied by renters, these controls spawn condo conversions and prompt builders to construct fewer rental units and more units for sale to owner-occupiers. Persons who can't afford to buy housing are unnecessarily disadvantaged. Rent-control also encourages empty-nesters who enjoy below-market rents for their three- and four-bedroom apartments to stay put rather than move into smaller units - thus discouraging younger families with children from moving to the City.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Wednesday May 30, 2007 at 2:34pm