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In NY City, “homes are expensive in high-cost areas primarily because of government regulation” that imposes “artificial limits on construction.”
See
This Is the Housing Market You Wanted, Hillary Clinton Staffers By David Boaz of Cato.
"The New York Times reports:
For decades, idealistic twenty-somethings have shunned
higher-paying and more permanent jobs for the altruism and adrenaline
rush of working to get a candidate to the White House. But the staffers
who have signed up for the Clinton campaign face a daunting obstacle:
the New York City real estate market….
Mrs. Clinton’s campaign prides itself on living on the cheap and
keeping salaries low, which is good for its own bottom line, but
difficult for those who need to pay New York City rents….
When the campaign’s finance director, Dennis Cheng, reached out to
New York donors [to put up staffers in their apartments], some of them
seemed concerned with the prospective maze of campaign finance laws and
with how providing upscale housing in New York City might be
interpreted.
Here are some words that don’t appear in the article: rent control,
regulation, zoning. But those are among the reasons that housing is
expensive in New York. As a Manhattan Institute report noted in 2002:
- New York City and State have instituted policies that severely
distort the dynamics of housing supply and demand. Only 30 percent of
the city’s rental units, for instance, are subject to market prices.
These distortions—coupled with Rube-Goldbergian environmental and zoning
regulations—have denied New York the kind of healthy housing market
enjoyed by most other major cities.
And a report
by Edward Glaeser and Joseph Gyourko for the Federal Reserve Board of
New York Economic Policy Review suggests that “homes are expensive in
high-cost areas primarily because of government regulation” that imposes
“artificial limits on construction.”
As I’ve said
in other contexts: This is the business you have chosen. If you want
the government to control rents and impose regulatory costs on the
building of housing, then you can expect to see less housing and thus
more expensive housing. Welcome to your world, Hillary Clinton staffers."
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