: "Thousands of rent-controlled tenants in India’s fast-growing financial
hub are becoming millionaires as developers tear down crumbling colonial
mansions to build luxury towers for the rich.
Mea Kadwani, 78, has lived in the same apartment in the Mukund Mansion
in Mumbai since he was a toddler. Thanks to rent control laws, he paid
less than $20 a month for decades, and $23 a month recently, for a
2,600-square-foot space in the upscale Nepean Sea Road neighborhood,
where rents typically top $2,000 a month. Now he’s moving on: After
three years of negotiations, he and his wife pocketed $2.5 million from a real estate developer planning to turn the building into a
garage for residents of its 29-story Villa Orb tower under construction
MP: Amazing what government price controls can do to distort markets and create that kind of phenomenal "phantom wealth."