Any_Advantage_2449 t1_j8p6d5g wrote
One of the biggest problems with rent control is that it prevents mobility. Then restricting future generations.
As families age and kids move out a family no longer needs the 3bed apt. However that family of 2 elderly folks and then the single widow never move out because the rent is controlled. Then a unit that can hold a family of four is now only housing 1 person. The problem is clearly visible.
SuckMyAssmar t1_j8p7ati wrote
Ok I hear you but rent-controlled units can be passed down in families. Of course, some may hold onto it and maybe Shari’s kids don’t want it.
For the single widow that won’t move, should they move to a smaller rent-controlled apartment? Assuming a system could be designed to allow this and for it to be easy. Or do you have another suggestion? (Serious)
Any_Advantage_2449 t1_j8p8te7 wrote
I have never heard or read anything about passing rent controlled apt down to your children. I have listened to some Freakonomics podcasts about it so I am not an expert.
I personally would not want to have me and my wife’s room be my dead parents room.
As for a solution I don’t know if I have one.
SuckMyAssmar t1_j8p98ac wrote
In NYC. rent-controlled apartments, not rent-stabilized ones.
potus1001 t1_j8pmn8x wrote
That completely goes against the whole purpose of rent control. People who need it, need to be able access it.
I currently own an affordable-income condo, through the BPDA, and while I don’t need to prove my income anymore, after purchasing it, anybody I sell it to, or leave it to in my will, needs to submit their income to the BPDA for approval.
rpablo23 t1_j8ps27g wrote
That's wild. I didn't know you no longer need to provide income once you purchase one of those units. You'd think they would do checks every 2-3 years. Sounds ripe for abuse but I guess they are hard to get so not like there are many opportunities
3720-To-One t1_j8qby7o wrote
Think about it though… if they evict you because you suddenly pass some arbitrary threshold, that would discourage you from seeking higher paying jobs.
Graflex01867 t1_j8q6g2x wrote
There was about a 10 year gap between the time I graduated college and the time my parents could retire. I’m pretty sure it will be at least another 10 years before they move on to “new accommodations.” Great, so I get an apartment I haven’t lived in for 20 something years!
SuckMyAssmar t1_j8q8d3m wrote
Would you consider renovating it and renting it out or selling it?
Graflex01867 t1_j8qh8uu wrote
This is all hypothetical - but I don’t know that I could.
I don’t think I’d want to rent it out myself, since I don’t really want to be a landlord. There’s enough to deal with at my own place. I don’t want to deal with collecting rent, and managing the property. (That’s assuming I COULD sub-lease it, and that the lease wouldn’t end at my parents death.)
If I have my own place, I might not want to renovate another, then move. I might not be able to afford it. Even cheap rent is still rent. Renovations are expensive. (And as a rental, I still don’t own it, so I can’t just change whatever I want how I want.)
I think the bigger point I’m suggesting is that even with rent control, the turnover can still be pretty long. There’s also other factors - like after college, I was single. So I find a bachelor pad - really cheap, and rent controlled - but what if I start a relationship, and start a family - do I stay cramped in a cheap apartment, or find something bigger? (The same could be said about a new job - if I keep the cheap housing, is it worth doubling my commute?)
I could see rent control actually encouraging a bit of stagnation in housing. I’d rather see rents in general coming down on their own, or maybe making it easier to buy in like a condo style apartment instead.
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