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Thursday, March 15, 2012

The Case Against Rent Control

This is a fascinating legal case that is asking the Supreme Court to strike down New York City's rent control laws on the basis that it constitutes an illegal taking.
Harmon...has filed a powerful legal challenge asking the U.S. Supreme Court to strike down New York City’s four-decades-old rent stabilization law. At first, New York officials thought so little of Harmon’s challenge that they waived their right to file an opposing brief with the Supreme Court. But those officials got a rude awakening when the Supreme Court asked them to respond to Harmon’s petition anyway, signaling that somebody at the Court took the legal challenge seriously. Does the case against rent control have merit?...Not only do these rent regulated tenants pay government-set rates that are 59 percent below-market, they have the option of remaining in their apartments for life. Harmon essentially has no choice but to keep renewing their respective leases every few years. The tenants even have the right to name their own successors to the apartments.
Read the rest here

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