I
n a Freakonomics podcast, an expert on money laundering made a thought-provoking statement: "The perfect amount of fraud is not zero." This idea applies to the city's approach to regulation. In New York City, local government often tries to make things perfect, but in doing so, it can create more problems than it solves.

    A recent example is the proposed bill requiring annual inspections of steam radiators in buildings with children under 6. The bill was introduced after a tragic accident in January that killed an 11-month-old boy. However, experts argue that such a draconian system would do more harm than good. It would be costly and burdensome for landlords, potentially leading to reduced maintenance and improvements.

    The city already has systems in place to prevent steam radiator-related deaths, which are extremely rare despite the fact that steam heats about 80% of residential buildings. In fact, a study found that not a single child's accidental death between 2015 and 2020 was caused by a steam radiator. Inspections are already required, but not necessarily by master plumbers.

    Another bill, Intro 429, requires licensed plumbers to install certain appliances, which could discourage landlords from ordering new ones for tenants. This would leave tenants stuck with old appliances that may break down more frequently, potentially creating safety hazards. It's unclear how this would enhance tenant safety.

    The city council is weighing these bills on the heels of a recent election, and it's worth considering whether they will truly make a significant impact or simply create more problems for tenants and landlords alike.