A House Regulated Cannot Stand
From The Mises Institute
If you want to see the devastating effects of regulation, look no further than the New York City housing market. As a former director in a municipal housing agency, I often wondered why property owners would come into my office ready to sign over their deeds. As a current property owner and developer, the reason is now all too clear. Battling all of the regulations imposed upon me, I often wonder, Who owns this property anyway?
In the Big Apple, there are several agencies having direct jurisdiction over the housing market and several other agencies whose actions impinge upon housing. These agencies employ several thousand employees whose only job is to “get the landlord.” Even those programs that seem landlord oriented — rehabilitation financing, for example — are really tenant-oriented programs designed to keep rents low and to exert more bureaucratic control over the market.
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