All of this is based on a "housing emergency" that was declared after WORLD WAR I, and has been re-declared every few years by the authorities. Outrageous.
You’d have to be a psychopath to be a landlord today in New York city. If I was them I’d wait a few yars until real estate prices rise and the economy gets better (which may not happen ever if Obama or RINOmney is elected) and sell the building and get the hell out of Dodge. New York city is already run under Depotism so why the hell stay there? All they are doing is getting ripped off. A friend of mine USE to own a building in Queens until he got smart and sold. He said it would take him a YEAR to evict a tenant for non-payment under rent stabilization laws. And after that year the tenant would bolt without him getting a DIME and he had to pay through the nose for lawyers. I grew up in NYC and unfortunately I’m still here because of my job, but ASAP I am getting out. Everybody I know is already gone. It’s run by a psychopathic Despot who does everything he can to steal your money and property and I can’t wait to GTFO and move to Pennsylvania.
I thought NY rent control started during WWII. Cities all over America experimented with rent control policies during that war, which is strange considering twelve million Americans were in the military, hence not in the housing market at the time.
I know its ridiculous that theses people shoudl be made subject to this. But the State of New York is NOT a free state. Least of all it’s city of New York. The Federal Constitution’s Prohibition on Washington are NOT Prohibition upon their state.