Harsh citywide rent control in NYC could tank the housing market in 5 years. Landlords, squeezed by capped rents, might abandon maintenance or sell off properties, leading to decay and shortages. New construction would halt—why build if you can’t profit? Look at San Francisco’s mess. Rents might be low, but good luck finding a place. Thoughts?
Discussion
How would this decline in the rental property market affect city income and budget? Please be specific.