How an NYC Suburb Is Keeping Rents Down

The Journal discusses New Rochelle's approach to managing rent prices, which remain relatively stable compared to New York City. By prioritizing development, streamlining approvals, and incentivizing builders, New Rochelle increased its housing supply, leading to slower rent growth. While the influx of new residents, many from New York City, has revitalized the area and brought economic growth, it has also created tensions with longtime residents who feel left behind and concerned about affordability. The city is now considering rent control as a secondary measure to ensure long-term affordability for all residents, balancing new development with the needs of its existing community. This approach is gaining traction elsewhere, with other cities and states exploring similar strategies to address housing shortages and affordability issues.