Income redistribution under rent control in New York City.

Title: Income redistribution under rent control in New York City.
Identifier: AAI9417479
identifier: 9417479
Creator: Jacobs, Marc L.
Contributor: Adviser: Salih Neftci
Date: 1994
Language: English
Publisher: City University of New York.
Subject: Economics, General
Abstract: In New York City, tenants of rent controlled and rent stabilized apartments pay less than market rents. Using data from the 1987 New York City Housing and Vacancy Survey, the hypothetical market rents of controlled and stabilized apartments are estimated using an hedonic model. Tenant subsidy is calculated as the difference between the predicted and actual rent.;We find that citywide, there is a subsidy of {dollar}18 monthly for tenants of rent controlled apartments while tenants of rent stabilized apartments pay close to market rents. In Manhattan the subsidy to rent controlled tenants is \{dollar}189 and rent stabilized tenants receive {dollar}50 in benefits each month. This subsidy is distributed progressively with decreasing income and increasing age and length of tenure. However these factors can only account for a small portion of the total variation in the size of the subsidy, suggesting rent regulation is a poorly focused tool for income redistribution.
Type: dissertation
Source: PQT Legacy CUNY.xlsx
degree: Ph.D.