Draconian rent regulation works its magic. Market demand focused on a handful of deregulated units for rent.
Desperate NYC Tenants Are Waging Bidding Wars, As Rental Demand Surges https://gothamist.com/news/desperate-nyc-tenants-are-waging-bidding-wars-rental-demand-surges?utm_medium=social&utm_source=twitter&utm_campaign=shared_twitter … via @gothamist
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Replying to @eric_kober @Gothamist
Do you know how many units pre-June 2019 were being deregulated every year? I can only find net numbers, not gross
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Here I think https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2021/06/2021-Changes.pdf …
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Replying to @ceaweaver @MarketUrbanism and
Sorry that's 2020 but all the reports go back here https://rentguidelinesboard.cityofnewyork.us/research/#hsr
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Replying to @ceaweaver @MarketUrbanism and
Anyway I just read the first tweet. I don’t think RS is the culprit other than that it doesn’t cover everyone and a system where some units are regulated and some are not is not good for those that are not
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Replying to @ceaweaver @MarketUrbanism and
I’m sympathetic to the idea that we need to build more housing and think RS’s impacts on production are kinda overblown
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I was trying to figure out what proportion of “new market-rate stock” pre-2019 was actually new construction and what was deregulated older units, but then I realized it’ll be very hard to determine due to the soft dereg of pref rents since RGB will understate
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Lots of new construction will also be rent stabilized bc 421a or whatever
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