Tenants in regulated units already enjoy the protection of regular low-level annual price increases. Imperiling what’s already working for them — if imperfectly — to score a few populist points makes no sense, and it doesn’t help market-rate tenants who don’t enjoy such rent protections and who are subsidizing rent-regulated units in mixed buildings and property portfolios. If Mr. Mamdani is unwilling to pursue useful reforms, he should heed a basic governance principle: Do not make things worse.

 

Why Are Many New York Apartments Empty? Rent Laws.

By Nicole Gelinas

Ms. Gelinas, a contributing Opinion writer, is a senior fellow at the Manhattan Institute and a contributing editor for City Journal.