STEVE FORBES: Mamdani’s socialist rent-control puts New York on the road to housing ruin

New York City has just taken another giant step backward.

The Rent Guidelines Board voted 7-1 to freeze rents on roughly 1 million rent-stabilized apartments, handing Democrat Mayor Zohran Mamdani a major political trophy. Mamdani called it a "historic victory." It is nothing of the sort. It is an act of economic vandalism dressed up as compassion.

This is not housing policy. It is price control. And price controls have failed everywhere they have been tried.

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