Want to end apartment warehousing? Ease up on rent-control laws

New Yorks rent control laws are cratering the city’s housing supply.

to pressure legislators to ease limits on rent increases.

Most important, for the first time, it limited rent increases that could be justified by “major capital improvements” to units to just $15,000 over a 15-year period. For tenant activists, this was a way to close a regulatory “loophole” that allowed buildings to raise rent. But there’s a direct link between the cap on capital improvement reimbursements and the so-called “warehoused” apartments.

In other words, an anti-warehousing law would force owners to lose money every month — or rent a substandard unit at the risk of being in violation of housing laws. Other proposed laws are as bad or worse.

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