Word: tenants
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Under rent control, the value of a building will still be based on its profitability to the owner, not on its true worth to tenants. But since profits and rent increases are limited, values should go up less rapidly or stabilize. With a strong pro-tenant rent control system, inflated property values could even be reduced...
Rent control doesn't change the most important facts about the landlord-tenant situation. The landlord still has basic control over who lives in his buildings and when they have to move. This is because the rent control law gives landlords at least nine "just causes" for eviction--including non-payment of rent, demolition of the building, etc. But under a strong rent control system, tenants can restrict the meaning of these "just causes" to allow few grounds for eviction...
Most important, rent control provides an opportunity to build strong tenant organizations at the building, neighborhood, and city-wide levels. This is the only way that a pro-tenant rent control system can be won and enforced. A tenants' movement organized around rent control can begin to work for a better "people's rent control" system, and for basic changes in the way housing is provided and controlled...
...recent report by New York State's Temporary State Commission on Living Costs and the Economy shows just how fallacious this idea is. Under a state "vacancy decontrol" law enacted in 1971, rent controlled apartments in New York City are automatically "decontrolled" as soon as the tenant moves out. This law has resulted in sky-rocketing rents in decontrolled apartments. But according to the commission's report, vacancy decontrol has "failed to spur" landlords to make major improvements in their buildings. In fact, the level of major improvements has fallen off significantly since vacancy decontrol began...
...whom have been linked to the Genovese family, spend much of their time in a social club in the area and in local bars. They are quite friendly with local residents and with the political leadership. One of the organized crime leaders, a man known as "Buckelow," is a tenant in a building owned by Democratic county leader Frank Rossetti. The Italians involved in drug traffic operate far more surreptitiously in another part of East Harlem. They do not maintain contacts with local residents and stick mostly to themselves. Father Gigante has told me that he refuses to associate with...