000 NEW HOUSING UNITS WERE BUILT. IN THE SAME YEAR, IN SAN FRANCISC...

11,000 new housing units were built. In the same year, in San Francisco, California, only 2,000 units were

built. The major difference? San Francisco has only a 1.6 percent vacancy rate but stringent rent control laws.

In New York City, except for government-subsidized construction, the only rental units being built are luxury

units, which are exempt from controls. In Santa Monica, California, new apartments are not being

constructed. New office rental space and commercial developments are, however. They are exempt from rent

controls.