Lots of demand, short supply, rent-control and costs passed down to you.
Average asking rents in New York City have climbed to $3,017, according to REIS research. Everyone is freaking out about it
Related On This Site: Big cities, especially New York, tend to over-regulate business, you can hope for efficient corruption: Richard Epstein At Defining Ideas: ‘City Planners Run Amok’…Richard Epstein At The Hoover Institution’s Defining Ideas: ‘California’s Kafkaesque Rent Control Laws’
Virginia Postrel At Bloomberg: ‘How The Elites Built America’s Economic Wall’
Politicians and politics likely won’t deliver you from human nature, nor fulfill your dreams in the way you want: anarchy probably won’t either: Two Sunday Quotations By Albert Jay Nock in ‘Anarchist’s Progress’
Unbelievable!
The reason for higher rent is rent Control Act,. this act has back fired. The rent Control Act meant to reduce rent and make available rental stock among the needy. But resulted in Key money system and hike in rent.