"In the 1970s, the South Bronx went through the exact process outlined, with the area reduced to mile upon mile of wrecked and abandoned tenements inhabited only by street gangs and the most desperate poor. The South Bronx became a global byword for urban decay. The area remains scarred to this day.
"Almost all socialists, social democrats, whatever they call themselves, are undergrad ideologues -- people possessing little or no lived experience who believe that their particular brand of socialism is complete in and of itself and that any policy derived from it will operate perfectly the first time out so long as it is ideologically correct. Mamdani fits this mold (as does Katie Wilson, who had never moved out of her parents’ home before being elected mayor of Seattle).
"In late June, Mamdani announced the fulfillment of a socialist dream: a rent freeze across all five boroughs. Beginning in October, one million rent-stabilized apartments will be subject to a total freeze lasting two years. (Which makes it effectively permanent. It could not possibly be rolled back after being put in effect for that length of time.) Rents cannot be raised a dime during that period.
"What Mamdani and his administration (including the staff of his Office to Protect Tenants) overlook is that there is no freeze on the expenses involved in owning and operating a rental property. Far from it: landlord expenses rose 6% last year, before Mamdani took office. Now, with the socialists firmly in control, these costs will inevitably balloon – they always do under collectivism, and NYC will be no exception. They are likely to reach the double digits by the end of the year, and after that the sky’s the limit. So what are rental property owners to do?" . . .More...
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