How rent control ruins buildings, jobs, and lives

"My company provides design and construction services for several residential property owners. I've witnessed firsthand how the improvements and beautification of residential lobbies, corridors and apartments changed the lives of low-income tenants. The residents behavior changed. They were proud to live in a renovated building. The previously trash-filled corridors were kept clean. The well-lit corridors and new security devices helped reduce drinking and drug use. The buildings' supers were telling me that the residents aren't complaining as they used to, because everyone is happy.

"The rent control law has brought all this progress to a screeching halt. All renovations are on permanent hold. Many vendors that depended entirely on housing renovations closed shop. My friend who was in the kitchen cabinet installation business laid off his crew of 25 installers. He's selling his house to be able to sustain his family. My friend, a contractor who renovated apartments in the Bronx for the last 20 years, closed shop. Ninety of his skilled construction workers are looking for new jobs. The domino effect from this legislation is greater than anyone could have predicted. But the saddest part is that the people whom this was supposed to help are the ones who'll end up suffering the most. What were the legislators thinking?”

Wall Street Journal Letter to Editor, October 30.

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