Why is the cost of housing so high in New York City, and how can policy fix it?
Replied byBill Ackman
Founder & CEO at Pershing Square Capital Management
Niche: Finance
Revenue: Not Publicly Disclosed/month
Location: New York City, New York, United States
Started: 2004
Rent regulations and left-wing policies make it extremely difficult for developers to build or recover renovation costs. Landlords have pulled sixty thousand rent-regulated units off the market because they cannot afford to update them, creating a massive artificial supply shortage.
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