This is CBS. I on the world. I'm John Bachelor. Rent Control. For those who have enjoyed

Manhattan the last 50 to 75 years, rent control is well known. It's a deal that you get and you never give up

unless of course you either leave the planet or for some reason you move to Los Angeles. However, Red Control is always in the news.

I mentioned that the average price for a rental in Manhattan now, not Red Control, is 4,100 plus, $4,100.

Why do people take such a deal?

Because the interest rates are so high, it's difficult to get a deal to buy in Manhattan.

Brooklyn is also competitive but nowhere near Manhattan rent control.

I welcome Professor Richard Epstein of the Hoover Institution who for years has written about rent control and writes again in the defining ideas for the Hoover Institution.

Richard, a very good evening to you. I have some news that may connect eventually to the

quandary that people have about apartments not being available. I mean, there's just not not there's not much on the market ever

because people will their apartments to a relative or there's a long line on the

staircase just to interview. I have known landlords who hold auctions at the

site for people bidding what they'll pay. That's how desperate it's become these last years,

especially since COVID. But there's this news now from Manhattan.

Office vacancy crisis deepens. Downtown Manhattan is 23% vacancy for commercial real estate. Albany, meaning New York State, the

governor, moles easing conversions to apartments. A very good evening to you professor.

More apartments for rent is what we desire but rent control distorts the market.

How so? Good evening.

Well, I mean the governor is an expert in rearranging the deck chairs on the Taqan negas it's going down.

The proposal is to allow for the conversion of these vacant units from office space into a rental space.

Conversions are extremely expensive to make.

Somebody has to put the front end cost.

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