Welcome to rent control! 88,000 apply for 55 apartments

Eighty-eight thousand people (so far) have applied for 55 low-rent apartments in a fancy new condominium building on Manhattan's Upper West Side.  The lucky few could get a two-bedroom apartment for less than $1,100 a month in the West 60s.  To get tax breaks, developers of luxury buildings make some units available at below-market rent rates, and this is what happened here. But as you can see from the number of applicants, this program will never produce enough low-income housing.  Rent control is the biggest obstacle to building new affordable housing; that's why nearly all new construction in the private sector comprises luxury units not subject to rent control. This is the way the liberal mindset works.  The left promises everything: low-cost health care, high-paying jobs, and low-cost apartments.  The only catch is that most people never see these benefits.  The new Obamacare plans sharply limit the choices of doctors and hospitals...(Read Full Post)