There are many many problems with the current system:

- It locks people into poor locations. Someone that is unemployed lives in a massively subsidized apartment in the Bronx. A job opens up in South Brooklyn. Would they move and take it? Not when their rent will go up 4X.

- It helps long term residents at the expense of shorter term residents, and companies who hire them.

- It only helps the small subset of the needy who can get in, and leaves the others out in the lurch.

- It discourages investment in the housing infrastructure.

I can keep going, but it would take me an hour to finish venting.