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EXCERPT:
Manhattan’s average one-bedroom apartment now costs more than $5,000 a month, and critics say the real culprit is not landlord greed. It is government failure.
New York City Mayor Zohran Mamdani rolled out his housing proposal, “Block by Block: The Housing Plan for a New Era,” on May 20, promising to build 200,000 “affordable” rent-controlled homes and preserve another 200,000 existing units over the next decade.
The price tag is just as sweeping as the promise: $22 billion in taxpayer money over five years.
But critics warn the plan looks less like a solution and more like a government takeover of the housing market, with City Hall doubling down on the same policies that helped create the crisis in the first place.