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Impacts Of Rent Control In NYC Law Term Paper Essay
Term Paper Instructions:
Please read over the guidelines, and follow my PAPER OUTLINE to write it. You can modify or add(or delete) some points in my outline if applicable. Use at least 12 research sources, I've attached some in the outline, please try to use them as well.
TERM PAPER GUIDELINES DUE DATE: December 5, 2019
- 1) Please hand it in on time. I will downgrade grades FOUR points per day for late submission.
- 2) All papers must be submitted though Safe Assign. In addition, a hard copy must be handed in on December 5 at the end of the class.
- 3) As a general guideline (but not a rule of thumb), a score of 15% or less generally indicates that there is no issue of plagiarism. A score above 15% does not necessarily mean that the student plagiarized. It means that I will need to analyze the score and make a determination as to whether plagiarism was involved. If your score is above the 15% guideline, you should review your paper to see why the score is high and make any necessary changes. A score of 40% indicates a strong likelihood of plagiarism.
- 4) A copy of your original proposal must accompany your paper.
- 5) Your paper must contain a separate cover sheet containing your name, the date, my
name, the course and the title of your paper.
- 6) You must use MLA style. I will post helpful MLA links on Blackboard.
- 7) The term paper should begin with an Introduction which clearly conveys to the reader
the issues to be covered and how they will be addressed; a well-structured main body,
and a conclusion that recapitulates and summarizes the results.
- 8) There also needs to be a Works Cited page at the end with proper citation to the works
researched.
- 9) The paper must cite a minimum of 12 researched sources. These citations should be
referenced throughout the document and in the Works Cited page (See MLA
Formatting guidelines).
10. 10) The text of your term paper must be 8-10 pages in length. (not including exhibits,
Works Cited page or cover sheet).
11. 11) Please proofread prior to submission to ensure there are no grammatical or spelling
errors.
12. 12) I cannot stress enough how important it is for your term paper to be your own. Use
your own words. As I am certain you learned from the plagiarism assignment, any time the information you are referencing comes from a source, it must be cited. This is true EVEN IF YOU HAVE NOT DIRECTLY QUOTED FROM IT. Thus, there should be citations throughout the body of your paper in accordance with MLA format.
13. 13) In addition, merely stringing together a collection of quotations, even if properly cited and footnoted, will not produce an "A" grade Term Paper. I want to see your analysis of the concepts, facts or events reported in the cited sources, from the standpoint of how the concepts, facts or events relate to your chosen topic. The student's analysis must add some scholarly value to the information provided by the cited materials.
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Rent Control in New York City
Laws of rent control limit the total amount of rent a landlord expects his or her tenants to pay, either by determining and setting the rent ceiling or reducing the standard amount at which the rent increases. The two policies applied in this scenario are rent control and rent stabilization. Moreover, the two laws set guidelines under which a landlord can evict a tenant. In New York City, rent control and rent stabilization are two of the most significant and famous laws. In response to the challenges that people face when it comes to housing affordability, the body governing the city has renewed its rent control interest rates across town, especially in high-cost coastal markets. However, there are considerable shortcomings associated with rent control policies. This paper serves to analyze the significant issue of rent control and its impacts on New York City, its advantages and disadvantages with the view of creating a solid understanding of the contemporary nature of the policy.
Meaning of Rent Control and how it Works
Rent control laws vary among cities and municipalities. Still, its standard definition is that it is a government program that caps the amount of money a landlord can demand from leasing housing or for renewing a lease. Municipalities usually enact policies, and although the details are widely distinct, all are intended to keep living costs affordable for lower-income residents. Downs states that the earliest rent control laws in the United States date back to the 1920s, where they were typical rent freezes (407). Due to the inefficiency of the latter, the laws were dropped. However, in the 1970s, they have revived again, but this time it was a more moderate form of policy called rent stabilization.
Living in New York City requires vast sums of accommodation money because the rent could take away about 30% of the paycheck. This has forced most people to want to invest in a property and rent it out to capitalize on tenants. The city has two rent control programs. The first one is an older program that has been in the process of being eliminated for more than thirty years. This is because the law placed extreme limits on rental prices, but the law set in 1971 still covers renters now. Additionally, there are still some buildings whose rent control programs were affected after World War II in 1947 (Brown 211). This means that if an individual purchased the property with rent control, they could not lease it out with the market price due to the introduction of price ceilings.
The second program belongs to the 1970s, and it regulates house prices for almost half of the buildings in the city. According to the policy, rent can only be increased annually, and the housing agency controls the minimum acceptable percentage for the increase. It further states that the rules and exceptions are administered by a combination of the city and state agencies. Besides, the high cost of living in New York is often given as proof enough for the unreliability of rent. The ordinary cost of a single bedroom house in the city was $3,080 in 2018 (Gyourko, Joseph, and Peter 58). Advocates of rent control, such as the Urban Institute, claim that price regulations can be useful for people who earn a moderate income from their jobs because they could force prices up for the elderly who are paid on fixed incomes.
Short-Run Impacts of Rent Control
The adverse impacts of rent control are not entirely directed to the whole population because these effects advance over several years. Therefore, there are short-run and long-run impacts of rent control. One of the short-term effects of the policy is that landlords have a certain number of buildings to rent. David says that this limits them from adjusting the exact number to catch up with the ever-changing market conditions (678). This means that if the government has stated that the maximum amount that an individual ought to pay for rent is $750, the figure will be maintained even though the municipal council increases water and electricity bills. Secondly, in the short run application of the policy, people searching for apartments in the city may not agree to rents because moving out and arranging to move into another house takes time and money (Vitaliano 538). Therefore, this manifests that rent control, in the short-run, causes an inelastic supply and demand for housing.
Thirdly, rent control causes shortages in housing around the city. This impact is explained as; people who live in rent-controlled buildings in New York City do not see the point of moving out into other houses. This is because, according to the policy, building under rent control costs relatively less, and people living in them are provided protection. Therefore, weighing the benefits of staying and the challenges of moving out, tenants chose to continue living in the apartments. Thereupon, even with the increasing number of people searching for housing in the city, if a large group of people has decided to be collectively confined in one location, there will be a high shortage of houses (McCall 282). Additionally, as mentioned above, this phenomenon can be related to the inelastic supply and demand for housing in New York City. In this context, the demand is higher than the quantity. This is to say, when the number of people looking for houses increases by 30%, the number of dwellings available increases by only 2%. In this note, the demand is said to be inelastic.
Long-Run Impacts of Rent Control
The long-run aspect of rent control is significantly different from the short-run impacts because landlords, buyers, and sellers of rental buildings become aware and respond more to the requirements of the market as time goes by. On the notion of supply, Ault and Richard state that landlords respond to the policy of rent control by avoiding building new apartments and failing to maintain existing ones (28). This is because the total amount of money collected from tenants is not enough to buy building materials, which have a reasonable cost in the market. Moreover, Moorhouse says that low rents encourage negligence and laziness among landlords and because maintenance cost is also high, they refrain from the renovation of old houses (96). Also, they are also being forced to pay taxes, renew their permits, and pay for all the essential obligations of real estate. Therefore, due to rent control, if the issue continues for an extended period, landlords will run broke, and they will remain with no other option but to sell the property.
On the side of demand, in the long run, the low rents, some members of a family will be encouraged to find their buildings, to avoid living with their parents, siblings or roommates in the same apartment. This will elicit the movement of more people from their previous residence in New York City. Therefore, from the two annotations, rent control also causes an inelas...
Instructor’s Name:
Course Name:
Course Number:
Date:
Rent Control in New York City
Laws of rent control limit the total amount of rent a landlord expects his or her tenants to pay, either by determining and setting the rent ceiling or reducing the standard amount at which the rent increases. The two policies applied in this scenario are rent control and rent stabilization. Moreover, the two laws set guidelines under which a landlord can evict a tenant. In New York City, rent control and rent stabilization are two of the most significant and famous laws. In response to the challenges that people face when it comes to housing affordability, the body governing the city has renewed its rent control interest rates across town, especially in high-cost coastal markets. However, there are considerable shortcomings associated with rent control policies. This paper serves to analyze the significant issue of rent control and its impacts on New York City, its advantages and disadvantages with the view of creating a solid understanding of the contemporary nature of the policy.
Meaning of Rent Control and how it Works
Rent control laws vary among cities and municipalities. Still, its standard definition is that it is a government program that caps the amount of money a landlord can demand from leasing housing or for renewing a lease. Municipalities usually enact policies, and although the details are widely distinct, all are intended to keep living costs affordable for lower-income residents. Downs states that the earliest rent control laws in the United States date back to the 1920s, where they were typical rent freezes (407). Due to the inefficiency of the latter, the laws were dropped. However, in the 1970s, they have revived again, but this time it was a more moderate form of policy called rent stabilization.
Living in New York City requires vast sums of accommodation money because the rent could take away about 30% of the paycheck. This has forced most people to want to invest in a property and rent it out to capitalize on tenants. The city has two rent control programs. The first one is an older program that has been in the process of being eliminated for more than thirty years. This is because the law placed extreme limits on rental prices, but the law set in 1971 still covers renters now. Additionally, there are still some buildings whose rent control programs were affected after World War II in 1947 (Brown 211). This means that if an individual purchased the property with rent control, they could not lease it out with the market price due to the introduction of price ceilings.
The second program belongs to the 1970s, and it regulates house prices for almost half of the buildings in the city. According to the policy, rent can only be increased annually, and the housing agency controls the minimum acceptable percentage for the increase. It further states that the rules and exceptions are administered by a combination of the city and state agencies. Besides, the high cost of living in New York is often given as proof enough for the unreliability of rent. The ordinary cost of a single bedroom house in the city was $3,080 in 2018 (Gyourko, Joseph, and Peter 58). Advocates of rent control, such as the Urban Institute, claim that price regulations can be useful for people who earn a moderate income from their jobs because they could force prices up for the elderly who are paid on fixed incomes.
Short-Run Impacts of Rent Control
The adverse impacts of rent control are not entirely directed to the whole population because these effects advance over several years. Therefore, there are short-run and long-run impacts of rent control. One of the short-term effects of the policy is that landlords have a certain number of buildings to rent. David says that this limits them from adjusting the exact number to catch up with the ever-changing market conditions (678). This means that if the government has stated that the maximum amount that an individual ought to pay for rent is $750, the figure will be maintained even though the municipal council increases water and electricity bills. Secondly, in the short run application of the policy, people searching for apartments in the city may not agree to rents because moving out and arranging to move into another house takes time and money (Vitaliano 538). Therefore, this manifests that rent control, in the short-run, causes an inelastic supply and demand for housing.
Thirdly, rent control causes shortages in housing around the city. This impact is explained as; people who live in rent-controlled buildings in New York City do not see the point of moving out into other houses. This is because, according to the policy, building under rent control costs relatively less, and people living in them are provided protection. Therefore, weighing the benefits of staying and the challenges of moving out, tenants chose to continue living in the apartments. Thereupon, even with the increasing number of people searching for housing in the city, if a large group of people has decided to be collectively confined in one location, there will be a high shortage of houses (McCall 282). Additionally, as mentioned above, this phenomenon can be related to the inelastic supply and demand for housing in New York City. In this context, the demand is higher than the quantity. This is to say, when the number of people looking for houses increases by 30%, the number of dwellings available increases by only 2%. In this note, the demand is said to be inelastic.
Long-Run Impacts of Rent Control
The long-run aspect of rent control is significantly different from the short-run impacts because landlords, buyers, and sellers of rental buildings become aware and respond more to the requirements of the market as time goes by. On the notion of supply, Ault and Richard state that landlords respond to the policy of rent control by avoiding building new apartments and failing to maintain existing ones (28). This is because the total amount of money collected from tenants is not enough to buy building materials, which have a reasonable cost in the market. Moreover, Moorhouse says that low rents encourage negligence and laziness among landlords and because maintenance cost is also high, they refrain from the renovation of old houses (96). Also, they are also being forced to pay taxes, renew their permits, and pay for all the essential obligations of real estate. Therefore, due to rent control, if the issue continues for an extended period, landlords will run broke, and they will remain with no other option but to sell the property.
On the side of demand, in the long run, the low rents, some members of a family will be encouraged to find their buildings, to avoid living with their parents, siblings or roommates in the same apartment. This will elicit the movement of more people from their previous residence in New York City. Therefore, from the two annotations, rent control also causes an inelas...
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