The invisible hand of the market and the cost of rental housing in New York City

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Regulatory Council of rent (Rent Guidelines Board — RGB) began proceedings whose purpose is to increase the rent for a million New York families. RGB is going to raise the cost of annual contracts at 3.25% — 6.25, and two-year — 5% — 9.5%.

As previous years, housing hearings are a mere formality. As landlords and tenants would not oppose raising the rent, officials still vote "for". Ignoring public opinion led to the fact that the rent for the apartment above average in the Big Apple jumped to $ 2,700 — $ 2,800 per month (New York is the most expensive city in North America). The number of homeless people in this year shot up to 50,000 people.

RGB hearings are held in parallel with reductions in the Office of Housing in New York (NYCHA). Agency intends to remove the program from the eighth 1,200 low-income families, to suspend some programs for the provision of social housing, and to lay off 500 employees to cut the budget by $ 205 million (approximately 11% of the total budget).

Unfortunately, all housing programs that Mayor Michael Bloomberg has promoted more than 10 years have failed miserably. It is assumed that cost reduction in this area will continue

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