It's hardly 'many parts' of the country. A few spots on the East Coast and West Coast went nuts with rent control and development limits and drove their own prices up.
The Real Estate market is like any other market-based on supply and demand. Rent control, which applies only to apartments lived in continuously by the same person since 1953 or 1971 accounts for a tiny fraction of the rental apartments in NYC.
I don’t understand your statement about people going nuts. When there is a huge market for apartments and houses in neighborhoods that are charming, beautiful, convenient, and safe, when many, many people all want to live in the same place, prices go up and remain high. Most apartments in nice residential areas aren’t rentals anyway. They are coops and condos, the better buildings and nicer apartments being in coops. An average family size apartment 2200+ sq ft 3BR 3BR + formal dining room in a good pre-war building goes for $1.8-million and up. They all sell within a few weeks of listing.
The Real Estate market is like any other market-based on supply and demand. Rent control, which applies only to apartments lived in continuously by the same person since 1953 or 1971 accounts for a tiny fraction of the rental apartments in NYC.
I don’t understand your statement about people going nuts. When there is a huge market for apartments and houses in neighborhoods that are charming, beautiful, convenient, and safe, when many, many people all want to live in the same place, prices go up and remain high. Most apartments in nice residential areas aren’t rentals anyway. They are coops and condos, the better buildings and nicer apartments being in coops. An average family size apartment 2200+ sq ft 3BR 3BR + formal dining room in a good pre-war building goes for $1.8-million and up. They all sell within a few weeks of listing.
The Real Estate market is like any other market-based on supply and demand. Rent control, which applies only to apartments lived in continuously by the same person since 1953 or 1971 accounts for a tiny fraction of the rental apartments in NYC.
I don’t understand your statement about people going nuts. When there is a huge market for apartments and houses in neighborhoods that are charming, beautiful, convenient, and safe, when many, many people all want to live in the same place, prices go up and remain high. Most apartments in nice residential areas aren’t rentals anyway. They are coops and condos, the better buildings and nicer apartments being in coops. An average family size apartment 2200+ sq ft 3BR 3BR + formal dining room in a good pre-war building goes for $1.8-million and up. They all sell within a few weeks of listing.