Summary:
Community leaders say New York City mayor’s early efforts have failed to address the problem and in some cases made it worse

Mamdani implemented a policy delaying the removal of encampment structures for at least seven days to allow outreach workers to offer services.

Residents and businesses say the seven-day policy allows individuals to evade removal by simply moving across the street to restart the clock.

https://www.wsj.com/us-news/mamdani-stru..._lead_pos5

No one should be surprised when a leader of the most populous city in America, whose only experience outside politics was as a housing counselor, is incompetent in a similar manner as Obama, the community organizer. SMH.

Well, clowns are going to associate with clowns. Nothing new there. A clown was elected by clowns, so no one should be surprised by the resultant clown show.

NYC just needs a foreign high-ranking Head of State to visit the city. Then, much like in San Fran, the local govt will go full tilt to hide all the unpleasantness their polices have created and clean up the homeless encampments, at least until the head of state leaves the city.

I never really understood the rental market in NYC. Had always heard “rent control” but never looked into the actual program, then happen to catch a video in my feed about it the other day because the WSJ did a story on it and some guy used that to go more in depth. It’s mind blowingly stupid and I don’t know why anyone would invest there.

Quickish rundown:

There are 57,000 off market apartments in NYC because the owner simply can’t justify renovation cost due to limited ability to recover costs. People in NYC tend to keep their apartments forever due to rent control. 20, 30 or 40 years of occupancy is fairly common. So a person rents a 2 bedroom apartment in 1995 for $700, the rent stays $700 for as long as they are there. So a landlord is t going to modernize a unit every 5 years for the same rent. So when granny finally kicks the bucket in 2025 everything in the unit needs redone. Problem is that no matter how long the unit was occupied the new rent can’t be increased more than 20% plus a recapture amount to remodel the unit. That sounds okay, but they cap the amount of recapture to $30,000’and spread that over 15 years. So you will have to spend $80,000 to bring an apartment up to modern standards, but can raise rent only about $300. That math doesn’t math. It’s not even a 5% return on capital and that’s before you consider that the property improvements will increase your RE taxes.

Democrats and leftists fail at everything they do.

They are failures at life.