Given this statement regarding a collection of housing units in NYC:
All are owned by private or nonprofit groups overseeing buildings that were already deeply distressed and populated by the poorest of residents, giving owners razor-thin margins to operate on. People bought co-op apartments for as little as $250, according to the city, while renters pay as little as $90 a month.
…tell me if this surprises you:
the residents of 1694 Davidson Avenue in the Morris Heights section of the Bronx, a formerly city-owned 42-unit building … say living conditions have gone from to bad to worse.The front door locks have long been broken. The garbage incinerator stopped working for months, leading to a stomach-churning stink and attracting raccoon-size rats.
Five years ago the elevator ground to a halt, forcing children of one tenant, Nina Mitchell, to take turns last year hoisting their mother, hobbled by a torn Achilles tendon, up and down four flights of stairs, in her wheelchair, until she healed.
Step one, break the market and impose artifically low caps on rental rates. Step two, bemoan the poor condition of the city’s rental stock. Anyone feel like these two are somehow related?