Wealthy New Yorkers with multi-million-dollar homes in the Hamptons are snagging rent-controlled apartments in New York City, paying rents far below market rate. In one of several cases uncovered by this Reason Magazine exposé, a married couple that owns a $2 million home in East Hampton appears also to be the tenants of a rent-controlled apartment in Manhattan. The legal rent for their apartment is listed at just $931 a month. As we’ve noted before, with rent control, housing is rationed by luck and favoritism, and this allows the wealthy and well-connected to crowd out working-class renters. – Reason
