Welcome to rent control! 88,000 apply for 55 apartments

Eighty-Eight thousand people (so far) have applied for 55 low-rent apartments in a fancy new condominium building on Manhattan's upper west side. The lucky few could get a two bedroom apartment for less than $1100 a month in the West 60's of Manhattan. To get tax breaks, developers of luxury buildings make some units available at below market rent rates, and this is what happened here.
But as you can see from the number of applicants, this program will never produce enough low income housing. Rent control is the biggest obstacle to building new affordable housing; that's why nearly all new construction in the private sector are luxury units not subject to rent control.


Read more at the American Thinker