Zohran Mamdani, a New York mayoral candidate, is trending for his pledge to implement aggressive rent control. His promise resonates with frustrated tenants but overlooks the broader challenges of New York City’s housing shortage.
Rent control may offer temporary relief, but it fails to address long-term issues. Critics argue that such policies are a short-term patch rather than a sustainable solution. For anyone thinking beyond a few months, the approach risks worsening the housing crisis rather than fixing it. The city’s complex housing market requires more structural reforms than rent caps.
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Historical Failures of Rent Control in the U.S.
New York City has a long history of rent control, often cited as a cautionary example. In 1994, San Francisco’s rent control expansion caused evictions to spike 83% and wrongful eviction claims to rise 125%…