SARAH GOODYEAR in the NY Daily News with a pretty level headed look at “gentrification”:
In New York, a proposal that would require landlords to offer 10-year leases and submit to binding arbitration when negotiating rents has been stuck in committee for 30 years. Some lawmakers, citing a retail “crisis” sweeping the city, are making a new push to consider some variation on that idea. In Seattle, Councilmember Kshama Sawant, a socialist, has developed a proposal for commercial rent stabilization, although it, too, is not yet scheduled for a vote.
Such legislation is anathema to free-market advocates, who argue that government has no business interfering in the ability of landlords to charge whatever prices they want. They say that residential rent control has distorted the housing market already, and the last thing cities need is even the faintest hint of commercial rent control or subsidy. They dismiss the whole idea as one based on misguided nostalgia.
“The main reason Duane Reades and Walgreens are there is because people purchase there,” Steven Spinola, then-president of the Real Estate Board of New York, told The Villager newspaper last year, in advance of a forum the paper hosted on the issue. “This is a free market. It’s not something that should be negotiated.”
The conclusion gets to the crux of the matter, though people don’t want to believe it, cities change, and if you don’t like it, your only choice is to move on …