this post was submitted on 19 Jul 2025
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Because costs only go up, that's why. It may not be profitable tomorrow at all.
Then lift the freeze once there's no profit left anymore, or just keep the freeze for existing buildings. Limit the rent increase etc.
The issue here is, and this has happened before, investors will either sell the property, meaning those not in a position to buy are screwed, or they will do the bare minimum to keep the building functioning, as there is no incentive to improve the building.
Problem easily solved. Is a building not being utilized? Seize it and pay the owner fair market value, then have the city administrate it and charge just enough rent to cover expenses of maintenance and improvement and administration.
So why not skip the rent control and go straight to this?
Fair market value is much, much lower 9n rent controlled property
Yeah, a government deliberately lowering property values so they can buy them cheap isn't a great precedent.
Won't somebody think of Blackrock?
It's not great, It's fantastic. Let the scumbags who own property they don't use lose money!
thale same strategy will be used to build more freeways through low income neighborhoods
To give the current owners the chance to do the right thing, and make a small but reasonable gain from their property.
And to make it more palatable to the general public. It's a lot easier to convince people to go along with it if you're seizing empty unused properties that are only empty and unused because the owner refuses to rent them if they're not making excessive profit.