One New York City TikToker, Drake Pooley (@drakepooley), recently did some research into his unit's rental history and discovered that his rent increased from $193 to $3,500 within just the span of a month.
"In 1984, this two-bedroom in the West Village was rent controlled for $193 a month," he said as he read directly off the document in his TikTok.
He explained that the records showed that a guy lived in his apartment for 33 years and paid less than $200 a month until 2018 when the guy either moved out or may have passed away.
Within a month of this tenant leaving, the monthly rent for the apartment skyrocketed to $3,500.
Drake moved in a few years later and admitted that because of inflation he pays $3,847 for the same two-bedroom. However, given today's current market, he explains that he thinks that price is fair.
However, many users in his comment section noted that they had also heard of folks paying dramatically low rents in New York City. "I know a guy that lives in a huge apartment in Flatiron for $700 a month," wrote one user.
While rent controlled units are a godsend, could they be contributing to soaring rent prices?
Drake ended his video with the following statement: "I walk around New York and think about all the people who are still paying $200 a month on these units. It's insane. It's so inefficient. Like good for them, but also, what about the rest of us."