About 10 percent of New York's rent-stabilized buildings have operating costs that exceed their revenues. Worse yet almost 60,000 rent-stabilized apartments sit empty because their owners can't afford to renovate them and put them back on the market. Bankruptcies of rent-stabilized buildings continue to rise each year because of rent price control policies enacted in 2019.

Because of government-mandated rent controls, capital for new construction is gravitating to communities that allow the market to determine pricing. When construction happens elsewhere, important jobs are lost in communities that need them.

Socialism sucks.