Today, there are 43,317 apartments where tenants (or their heirs) pay rents first frozen in 1947. There are another 1,043,677 units covered by rent stabilization. All told, about 70% of the city's rental apartments are either rent controlled or rent stabilized. And because the system has been in place for more than six decades, many residents see their below-market rents as an entitlement.Sure, my friend is happy now, but has he been happy for the last 5 years as he's hopped from one insanely expensive and tiny apartment to another? In a way, he feels like he's earned this rent-controlled apartment and now he too suffers from the entitlement mentality.
hat tip: Megan McArdle
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