[Northern Light]

What a curious way to go about rent control.

One could argue for or against rent control in general.

But the NYS/NYC model is really peculiar.

I'm used to the system in Toronto which protects an existing tenant against increases greater than inflation, except by permission of a quasi-judicial tribunal due to major capital expenses (still capped at roughly inflation, plus up to 3% extra per year, for 3 years, until the improvement is paid off).

The notion of controlling rent on a vacant unit is itself a bit more problematic; but I could see the virtue in it in certain respects.

But if one is to do that, you'd think a simple requirement that the unit be subject to the same rent increase as any other unit would be the way to go.

The convoluted rules in New York are rather cumbersome.

I tend to think if you've got units that are not merely below current market, but well below, in a rent-control scenario, you'd think it might serve the interest of the state to simply purchase the buildings off the landlords and absorb them into the government-owned housing portfolio.

Taking a low-yield property that requires capital investment off their hands should work for many landlords too. (purchased)

Then, the State could vacancy de-control its own units, and use the profit to cover subsidies for those who need them..........