In the News
It started, as much mischief does, with government augmenting its power by declaring an “emergency.” It continued despite the predictable fact that the “emergency” measures made matters worse. It might end, as some but not enough mischief does, with the Supreme Court declaring the policy unconstitutional.
In a case that promises to utterly upend New York politics — and boost the city’s housing market — the Supreme Court may soon strike down the essence of the rent control laws.
New York’s 2019 law is so onerous that the Supreme Court may revisit the issue for the first time in years. Is rent control constitutional?
Rents in New York City are among the highest in the country and rising. According to a report from brokerage firm Douglas Elliman, median rents in Manhattan reached a record high in May of $4,395 per month.
Those who care about housing policy and the future of New York City will be paying close attention this fall to see if the Supreme Court decides to take up a serious challenge by apartment owners to the Big Apple’s big blunder: rent regulation.
New York City has maintained a system of rent control since the 1940s. Property owners in the City are subject to a thicket of regulations that affect their ability to rent and limit their right to exclude—arguably the most fundamental right in the “bundle” of property rights.
...Under this standard, RSL critics argue that the rent controls dictate who can live in their property and for how long, and limit how much they can charge for rent and how much they can invest in property...
The Supreme Court is considering a petition to hear a case that challenges New York City's rent stabilization law as pressure builds from stakeholders who say the law infringes on the rights of property owners.
