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Can rent controls ever work?

The policy is back in favour with progressives, but critics say it benefits only existing tenants and saps investment

New York’s mayor Zohran Mamdani taunted his political opponents last month, posting a photo of himself in a Bronx apartment building cutting an ice cream cake bearing the words “Happy rent freeze!”

The 34-year-old democratic socialist, whose election last year sent shockwaves through the US political establishment, made himself the affordability candidate by pledging a hard pause in a city where almost seven out of 10 households rent.

“You all have helped to build this city. You’ve given stability to this city,” he told tenants after their rents were locked for two years. “It’s time the city brings some stability to you.”

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