New York City Discovers There’s No Free Lunch

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?

Comments are closed.