The Political Economy of NYC “Affordable Housing”
30th August 2014
Steve Sailer blows the whistle.
Why is there this kind of windfall available to bestow on about 20% of tenants of new luxury buildings? Because getting the political permission to build in NYC is a goldmine because the right to build is so restricted that anybody who does get all the permits approved is guaranteed a big profit, so the city makes the developers kick back some of their profits in terms of these crazy Fairy Godmother deals for some small fraction of all the people in New York. It seems like there ought to be about 10 better ways to do things, but that’s the current system, and the new mayor wants to crank it up.