Sorry Beverly but non-stabilized rents are skyhigh BECAUSE of stabilized rents. Who do you think is subsidizing the stabilized rents? The newcomers. No different than what's happening with Obozocare. The young are subsidizing the old and sick. And you do know people who are/were living in rent-stabilized apartments - Bianca Jagger, Mia Farrow, Charles Rangel, Cyndi Lauper. Rent control was abolished in Boston and Cambridge - the sky did not fall.
Mr. Husock, Sorry to say this but you are a wimp because you did no touch the third rail of affordable housing. It is this: allow the law to be implemented. Tear down the terrible tenements and replace them with new, modern, efficient, roomy buildings. The Rent Stabilization Code allows an owner to demolish his building and relocate the tenants. If the existing tenants are guaranteed a new apartment in the building at the same rent, everybody can win. NYC has a huge reservoir of buildable land in the numerous substandard tenement buildings located throughout the city including some of the most desirable neighborhoods.
Part of the plan is already out.
De Blasio wants to add 200,000 affordable units
Evict the United Nations, seize its buildings by eminent domain, and convert them to housing projects.
I don't know any of these "wealthy people" living in rent-stabilized apartments. Everyone I know is hanging on by their toenails in zero-service apartments, unable to leave because an income under $50,000/year won't be enough to rent in the city. Mine, stabilized, is one-third the square footage at twice the price of my sister's full-service apartment in Nashville.
Stabilized rents go up at roughly twice the inflation rate: do the math.
Landlords have a workaround: Ours, when a rent stabilized tenant leaves, just guts the interior and calls it a new apartment and it goes straight to market rate: try $4500/month for a 350-square-foot apartment in a non-elevator, no doorman, zero amenities building. That's what happens when rent stab. is abrogated or annulled. Not Cleveland rates, but Tokyo rates.
If you don't live here, it doesn't affect you. If it's your home, and you're in a middle class or blue collar job, it's rough.
I can't stand de Blasio, but there are reasons the Left gets votes, and this is one of them.