The curve on that chart is so high I can fit a pic of Vito under it!
(Chart from Federal Reserve paper on demographic shifts in wealth [pdf])

Your moron State Assemblyman and local political boss Vito Lopez has a bill currently rotting in Albany that would extend rent stabilization from buildings with a minimum of six units to those with three, but just for tenants over 62. It has no co-sponsors, of course, because the other Assemblypeople aren’t retarded and/or don’t have any interest in helping Vito cement in his constituency of poor people that he can whip into a hysteria and then lead to the voting booths.

Here’s the, um, eloquent “justification” of the bill:

“Senior citizens need to be protected from landlords who increase their rent to proportions beyond their financial means. The elderly should not be penalized for living in dwellings, which consist of six units, or less. Presently, the law stipulates that rent stabilization may be granted to senior citizens residing in dwellings containing more than six units. Most senior citizens are presently sustaining themselves on a fixed income. This bill would prevent excessive rent increases and harassment about eviction from landlords because the tax rebate acts as an incentive.”

Vito. Did you plagiarize this from someone’s ninth-grade civics class paper? That’s not nice.

But seriously, it’s 2008 and the government is still pitting the various (somewhat arbitrarily defined) classes against each other? I understand divide and conquer, I just think it’s vulgar and out of place in a liberal democracy.

Some facts:

*When prices rise, it is not a punishment. In fact, it is a mechanism by which scarce resources are more efficiently allocated. I’d be interested to find out whose moral compass is used to determine “excessive” rises in rent.

*More senior citizens may have a fixed income, but that does not mean it’s a low one or that they are not wealthy. In fact, senior citizens are the wealthiest segment of society. It would be rather perverse to transfer yet more wealth from a less-wealthy demographic to a wealthier one.

Why is an overly complicated regime involving tax breaks and more regulation being proposed when the government could just subsidize the rent of the seniors instead of — oh wait, I forgot to put on my scheming power-hungry politician thinking cap on. More employees to run more bureaucracy means more voters and political machine cogs for Vito!

You got it all squared away, huh, Boss?