"Kingston New York- First town in US to demand a rent decrease" News Article

[Mackenzie Grate]

Hi guys,

I just finished this article and have been following this story for awhile. Considering there is no legal precedence on this sort of thing, it could have serious ramifications reaching far beyond New York. Just wanted to share this article and curious to hear your thoughts. Fair, unfair? Anyone here have any updates from the ground level? Is there more to the story than they have written here? Feel free to chime in....

https://www.theguardian.com/us...

Thanks,

Mack

[Tim J.]

I saw that article too, and I am concerned about the class warfare that's being promoted by individuals, news outlets and political parties over the last few years.  Government interference in the market is never, ever a good thing. I cannot imagine the SCOTUS upholding something like this, but unfortunately too many politicians without an understanding of basic economics put in place knee-jerk policies and pander to the population demanding rent control or lower rents, etc.   For example, the city of Burlington VT recently created laws that effectively ban short term rentals.  This, in a city where tourism is a MAJOR contributor to the economy.

As for housing shortages and high costs - the solutions are simple - increase supply and get government regulation out of the free market. 

It's not rocket science - provide infrastructure, remove zoning regulations, remove rent regulation

I see this as an education problem.  Too many people believe that things like rent control "help the housing situation", when, in fact, they do just the opposite.

Milton Friedman famously would quote Assar Lindbeck, who stated:

“In many cases rent control appears to be the most efficient technique presently known to destroy a city—except for bombing.”

It's an accurate statement.