Rent regulation — does it “work”?

by E.J. McMahon |  | NY Torch

Albany’s rent wars are heating up, as E.J. wrote earlier this week.

If rent regulation — which caps annual price increases for half of New York City’s rental housing — is supposed to help the poor, it’s not efficient at this job. 6.7 percent of rent-stabilized apartment dwellers have household income of $125,000 or more, as of 2008. 23.6 percent had household income above $70,000, slightly more than the percentage that had income of under $15,000.

Rent-stabilized tenants paid about 31.7 percent of their income in rent, while non-regulated tenants paid 31.9 percent.

[From the city’s 2008 Housing and Vacancy Survey, done by the U.S. Census every three years at the city’s request.]

Next week: What does the rent pay for?

 6.7 percent of rent-stabilized apartment dwellers have household income of $125,000 or more, as of 2008. 23.6 percent had household income above $70,000, slightly more than the percentage that had income of under $15,000.

Rent-stabilized tenants paid about 31.7 percent of their income in rent, while non-regulated tenants paid 31.9 percent.

[From the city’s 2008 Housing and Vacancy Survey, done by the U.S. Census every three years at the city’s request.]

Next week: What does the rent pay for?

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- E.J. McMahon is the Research Director at the Empire Center for Public Policy.