Rent Control: An Unregulated Market

Rent control first appeared in the United States in the early 1900s as a way of dealing with exorbitant rent prices brought about by wartime housing emergencies and tight housing markets. During this time, rent control was handled by the federal government. In the late 1940’s, the federal rent control system was gradually scaled back

Effective June 01, 2017, I want to raise the rent $25.00 per month each for units 8838, 8840, and 8842 Elm Ave.

New York City is one of the places that has rent stabilization. If you were a middle class working individual looking for a place to live it might be more difficult than you would have thought. The rent control policy in simple terms is that the government has set limits on how much a landlord can charge for rent. This policy was intended to lower prices and balance out the control between residents and landlords so that tenants with lower wages can housing. Although this policy does have positive aspects, there are many unintended consequences as a result. Since there is a control on how much a landlord will charge, many of these rentals have lower-quality living conditions. There is also a problem with availability because many rentals already

As the leasing amount and house rent goes up while there is stagnation in wages and salaries, affording the monthly rent becomes difficult leading to gentrification in the city.

The problem is there is inevitably a lack of housing, due to homelessness and influx of people. Without enough housing, the prices of the homes will be very expensive; however, if there is not a balanced mix of luxury and affordable housing, those already living there will be forced to leave because they will not be able to maintain taxes and other increases that will be tacked on to housing expenses. In order to make this process a bit more feasible, New York created the “Inclusionary Zoning program.” This program required “that developers set aside a certain percentage of units in a new development as affordable units.” The issue with this zoning ordinance is that although it was stated as a “requirement” the city kept it as a voluntary process.” With the ordinance being voluntary and developers with a capitalist mentality, many developers opted out of adhering to the ordinance. Although the residents of New York may not be in the power broker or decision-making classification, many of its inhabitants have been there for many years. Unless there are efforts to make this ordinance mandatory, there will be much opposition to keep new development out.

According to Chapter 17 of Real Estate Principles by Charles J. Jacobus, the main reason rent control is used today is to protect against inflation. But what happens when inflation is not a huge problem anymore? Will rent control still be effective? A study was performed in San Jose about their 1979 rent control ordinance which showed that the ordinance did little to actually restrain rent. The current ordinance allows for a tenant’s rent to increase 8% per year if the unit was built before 1980.

In 2011 New York Governor Andrew Cuomo had helped to enact a rent stabilization policy and played a major role in getting it extended for four years. This law puts stricter polices on landlords and helps to regulate rental increases across the city to help prevent unjust price increases. This policy has a monthly amount cap that keeps these apartments in the rent-stabilization system at the rate of $2,500 or lower.

John Rogers was born sometime in 1689 in what would later be known as Frederick County, Virginia . His father, Roger, was 19 and his mother, Elizabeth, was 23 . He lived in the height of tobacco production in Virginia and lived through both the settlement of western Virginia and the French and Indian war. Although he didn’t participate personally in the military conflicts (mostly due to his age at the time) he had a firsthand view of how the war influenced the citizens of the colonies and how increasing numbers of colonists would displace the native population.

A truly significant monster present in East of Eden is Cathy, also known by the alias’ of Catherine and Kate. She is known as a “pretty woman” whose “lies were never innocent” and who has been involved in many disturbing incidents, including the death of her parents, yet she still managed to leave a “sweetness behind her” no matter where she she was (72-73, 88). Because of her immoral actions, Cathy can be identified as many labels: a murderer, a manipulator, a liar, and most of all, a fraudulent wife and a vindictive mother. Her cruelty is conspicuous to others, in fact, it makes people feel utterly “uneasy” and unsafe in her presence (73). She lives up to the paragon title of having though a perfect face and body, she has “malformed soul”

There are lots of benefits brought by the rent control after it was adopted. First of all, the rent control lowers the rent, so that the rent apartments have become more affordable for the public, especially for poor and working people. One statistic that may help with this statement would be the journal published by Gerard Mildner and Peter D. Salins in 1991, they stated that the normal apartment renting price was about $180 in 1975 because of the rent control. 12 years later, which is 1987, the rent price increased to around $400 due to the inflation. We can see from the data that the rent went up for about 130% in 12 years. However, the consumer price in general only rose 105%. (City Journal) Therefore, instead of only maintaining the current rent price, the rent control also helps to prevent

During the current economic recession, home prices have dropped considerably in the Atlanta area. Many believe that the market has bottomed out, making this the optimal time to purchase a home for prospective homeowners. However, the risk of a further market decline has made some consider renting as an alternative to buying for the time being.

Some individuals may believe that buying a home is part of the American dream and that renting an apartment does not compare, yet satisfied renters would disagree. Even though owning a home provides a sense of security while allowing modifications without permission, renting is preferred more often over buying because the expense of updating, monthly payments combined with utilities, and paying insurance on a home comes with a high price tag. A homeowner does have several luxuries such as forming lasting friendships with their neighbors, making landscaping changes to their yard, painting and designing their home. While that remains true, renting an apartment comes with several different options and

In short, lack of motivation in exchange for more red tape causes investors and landlords to move towards more profitable options. This movement of money and resources tends to negatively impact people trying to find a place to live, most notably the poor. The National Multi Housing Council (NMHC) states that prospective customers must pay finder fees to find a rental property due to a presumably growing scarcity of available housing. As if this were not bad enough, in some communities rental properties are handed down to friends and family, so they never quite leave the market. In order to obtain housing, new consumers are forced to pay “key money” and other fees. These costs tend to impact young, single, and poor families the most.

When new development or renovations on empty lots begin the citizens of the communities start asking amount them who will be the beneficiary of the gentrification. Even the displaced of mom and pop businesses are disappear. And the neighborhood no longer can afford to leave on such communities. The question is how does gentrification impact the government? Well, government plays a big role in serving low income to citizens. It create apartment that an affordable to them. It doesn’t impact the government on a negative way because they generate new policies and programs that help the people from the community. So, many types of local and states polices are design to accommodate affordable houses, even though the cost are increasing. One of the several program that the government had is one called “inclusionary zoning” (IZ). The characteristics for this program are: “(1) whether they are mandatory or voluntary, (2) what size or type of development projects are affected, (3) the required share of affordable units, (4) the

Memorials to the nation such as the national cathedral symbolize many things to us that’s why memorials have importance to us they symbolize something major to us such as a battle or religion. If we did not have these memorials we wouldn't remember these events that took place and would forget them as if they were nothing so we create memorials to remind us each day of a certain day or event that took place such as ww2 vietnam or korean war.