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Rent a clue: On New York apartment regulations, vacancies and reality ...Middle East
New York City’s rent regulation, in place since 1943, is the longest-running such scheme in the country. Its founding premise is that government controls on prices are necessary because New York has, for the past 78 years, been in a continuous housing shortage emergency, defined in state law as a vacancy rate under 5%. When the rate goes above that level, the emergency conditions are gone, and the whole regime, like a house of cards, falls apart.
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