To solve NYC’s growing housing crunch, deregulate the market

 To solve NYC’s growing housing crunch, deregulate the market

New York has recorded 76,000 eviction filings since March 2020, Princeton University’s Eviction Lab reports, and the coming end of pandemic moratoria will bring many more. Not all are for nonpayment of rent, with causes including criminal activity and other bad behavior. And some tenants will eventually get long-delayed help from the mismanaged federal rental-assistance program. But these factors do not detract from the return of the city’s perennial housing wars and a likely low vacancy rate.

Advocates will pressure Mayor-elect Eric Adams to respond by promising to subsidize yet more costly-to-build, cheap-to-rent “affordable” housing. Let’s hope he resists.

The underlying problem remains the fundamental distortion caused by the city’s entrenched rent-stabilization system, which applies to over half of all rental units, more than 1 million apartments.

The core problem is this: Tenants…

Read full article…nypost.com