New York’s catastrophic homelessness is about to get much, much worse: the skyrocketing property values (driven by speculators who buy apartments in order to get their money out of corrupt and failing states abroad, leaving them empty with the understanding that they can be cashed out on short notice, thanks to the white-hot market of other money-launderers) have attracted very deep-pocketed, anonymous hedge-funds that are snapping up buildings with rent-stabilized and rent-controlled units, who use a ruthless set of highly refined tactics to kick out all their tenants and then flip the building. (more…)
Of course, the author the article blames capitalism as opposed to the government rent controls as the evil and cause of this situation. It is a total misunderstanding of the situation to blame capitalism when the issue is the government rent control and other housing controls.
You can’t legitimately blame the free market when you haven’t allowed a free market to exist.