The Politics of Rent Control in Mumbai

Mumbai put price controls in 1949, and they have never raised them. They're still the same level, despite inflation,. Despite changes in economic circumstances, their rent controls haven't changed. So what this means is that, if you're in a rent control department in Mumbai, you never want to give your apartment up. And there are tens of thousands of apartments like that, all across Mumbai, which are essentially debt capital. The owners can't do anything with it; buildings can't be broken down and redeveloped. It's really difficult to build new apartments... You'll see this if you're driving down Marine Drive, for example, the Queen's Necklace, and you have all