H
attie Kolp is a strong advocate for rent control, and her situation makes it hard to argue with her. She's lived in a 1,500-square-foot Upper West Side apartment for 22 years, since she was 10. The two-bedroom space has huge rooms, a spacious living area, and luxurious features like fireplaces and chandeliers. Her rent? A mere $1,334.

    Kolp inherited the lease from her parents in 2018, which is how rent stabilization works in New York. As of this week, millions have seen her apartment thanks to a viral video by Interior Porn. The post sparked debate about rent control, with critics arguing that it's not means-tested and allows high-income earners like Kolp to snag incredible deals.

    However, Kolp is a special education teacher who notes that she couldn't afford such an apartment on her salary. She's an example of the housing mismatch created by rent stabilization, which has saddled New York with for half a century. Instead of moving out and renting a smaller unit in a less expensive area, Kolp stayed put due to the permanently low rent.

    This decision meant that a family couldn't move in, as renewal rights allow her to stay indefinitely – potentially for 50 years or more. It's impossible to right-size every home in the city, but allowing market forces in regulated rentals would naturally steer people into appropriately sized housing and increase the vacancy rate, making it easier to find an apartment.

    Currently, some lucky New Yorkers live in apartments built for families while thousands of families cram into units designed for singles like Kolp. If New York City were to ditch rent control, as Argentina did, market forces might help alleviate this issue.