“While the average rent for available apartments in New York City is now over $3,000, the U.S. Census Bureau says renters in New York City were only paying a median of $1,125 in 2011. What gives? The answer is, there are lots of cheap apartments in New York. You just can’t get one of them, because they’re rent controlled, and tenants with great rent controlled deals cling to their apartments until they die. In Manhattan below 96th Street, 35% of rent regulated apartments are occupied by a tenant who has lived there for more than 20 years. Less than 3% of market-rate tenants have been around that long.”
http://www.businessinsider.com/the-8-reasons-why-new-york-rents-are-so-ridiculously-high-2013-7
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
The War on Terror Is a War on American Freedom
With the Central Subway Project, the Only Way Out is Through
John Hussman: Do the Lessons of History No Longer Apply?
Why Are Your Children Buying Houses for Ben Bernanke?
Taxation and Trading on Foreign Markets
Could the Government Force You to Tell Your Deepest Darkest Secrets?
How has this not led to outright revolution yet?
Money is Funny
Bill Bonner: How to Survive the Coming Zombie Apocalypse, Part 1
The Fascinating Interventionist Mindset
Bitcoin: $1,000,000 Bet Final Update!
Senior Italian parliament economist on Ludwig von Mises and the current economic crisis
Doug Casey on Opting-Out
Bill Bonner: To the Class of 2015, Part 2
5 Horrifying Truths About Being a Medical Doctor