The Supreme Court on Tuesday turned down a major property-rights challenge to rent control laws in New York City and elsewhere that give tenants a right to stay for many years in an apartment with a below-market cost.
A group of New York landlords had sued, contending the combination of rent regulation and long-term occupancy violated the Constitution’s ban on the taking of private property for public use.
The justices had considered the appeal since late September. Only Justice Clarence Thomas issued a partial dissent.
Tenants are no better, and so there needs to be a balance. We need both landlord and tenant rights. They are in conflict, but the world needs both (remember that public housing just makes government the landlord)
Tenets breaking rules and being shitty mean that landlords lose on their investments (which inherently carry risk).
Landlords breaking rules and being shitty means that people go homeless, live in awful conditions, or cannot afford basic necessities.
Sure, both sides have the capacity to be bad, but trying to “both sides” basic shelter is fucking wild.
Tenants breaking rules drives up the cost of rent for the good ones. When a landlord expects to have expensive maintenance (patching holes…) that gets priced into the cost of rent. If supply and demand doesn’t allow getting that much rent then they will sell and then no more landlords at all. Renting a house is the best option for some people, so we need landlords. Therefore we need them to make a small profit.
they will sell and then no more landlords at all.
Do you think there’s only one landlord in NYC? If one sells, who is buying? Another owner!
Also, since this is about NYC, obviously co-ops and condos need to enter the conversation. What’s a co-op, you ask? That’s where the tenants own the building and run it, with possible restrictions on income and some tax benefits. They can rent out apartments if they want.
The “worst case scenario” here is the owners selling to the current tenants, which just might mean they lose money. Property owners are not entitled to a “small profit” as you put it. If they want risk-free income, they can buy a Treasury Bond.