Thursday, May 31, 2007

And New York Has Rent Controls

Unlike Alberta, but once again what is good for the big Apple appears to be good for Alberta. This is what globalization looks like, the neo-con agenda writ across the globe. The current housing crisis in Alberta mirrors that of New York City.

Developmentalism in the Big Apple

Cost of living has skyrocketed in New York, but under fatcats Giuliani and Bloomberg, the working man’s wage has not

By Steven Wishnia

Rent in New York City costs 10 times more today than it did 30 years ago. Working-class wages haven't followed suit.

Thirty years ago, you could easily find a one-bedroom apartment in a middle-class neighborhood in New York City for $150 a month. Today, it would cost more than $1,500—more than what Yankees slugger Reggie Jackson, then baseball’s highest-paid player, paid in 1977. His Fifth Avenue apartment with a balcony overlooking Central Park cost $1,466 a month. And the minimum wage hasn’t gone up to $27.82 an hour.

How we got to this point is the subject of Kim Moody’s From Welfare State to Real Estate: Regime Change in New York City, 1974 to the Present (The New Press). Moody analyzes how New York’s business elite exploited the ’70s fiscal crisis to destroy the city’s “social-democratic polity” and impose the neoliberal agenda that has dictated “restraint on social spending, privatization, deregulation, and most importantly, the reassertion of class power by the nation’s capitalist class.”

New York City Housing Bubble - 'The BIG Picture'



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