Friday, July 11, 2008

Culture of Corruption: Charlie Rangel

Is taking up four, count ‘em, 1,2,3,4 rent controlled apartments in New York.

Congressman Rangel is gaming the system to his own pecuniary advantage at the direct expense of his constituents. If you believe that rent control helps the poor, as the Congressman no doubt does, he’s pretty much taking money out of other families wallets, and lining his own.

It may not be illegal or fattening, but it’s certainly redolent of fat cat-it is.

On the plus side, Tony Rezko was not involved in the financing, and Rangel didn’t feel like he needed to bring in one of the Senators from Countrywide to arrange below market financing. So far as we know.

Rent control is a serious problem. It artificially restricts the supply of rental property, redistributes wealth from the property owner to his renters, creates a political group dependent on controlled rent, and fosters a climate of, err, corruption.