Regulated Renters Becoming Buyers?

http://www.nytimes.com/2009/12/13/realestate/13cov.html? Does anyone understand this article at all? Some of the things the author says are kind of ridiculous. For instance, at one point she states that the cost of ownership and cost of renting are the same, and then proceeds right into an example that shows the cost of renting **in Chelsea** is slightly lower than the cost of owning **in Park... [more]

http://www.nytimes.com/2009/12/13/realestate/13cov.html? Does anyone understand this article at all? Some of the things the author says are kind of ridiculous. For instance, at one point she states that the cost of ownership and cost of renting are the same, and then proceeds right into an example that shows the cost of renting **in Chelsea** is slightly lower than the cost of owning **in Park Slope**. Location, location, location? She also allows a broker to repeat the old "rent means throwing money out the window" canard, without pointing out that mortgage interest and common charges also never come back into a homeowner's pocket any more than rent does. And if housing prices go down more (as they well may), downpayments and principal payments will ALSO be going out the window. It's a very odd article, and very one-sided. The bright side is that, if it is true, then that means lots of regulated rental units will be de-controlled, which would be an unmitigated good for the city's rental stock. [less]