Best way to control rent is a flood of supply that overwhelms demand
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"rent control actually increases rents in the long-term." Unexpectedly.
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Seems like it has two purposes: (1) stability for tenants & (2) price ceiling in expensive cities. Probably has net benefits as (1) but typical problems as (2). It is important that it is paired with policies that ensure ample supply so that it doesn't become (2).
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Wherever I see an article on rent control, I post a comment (if possible) advocating
#VacancyTax +#VacantLandTax as a superior alternative. -
Why not just a healthy property tax?
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I can see very limited versions as being beneficial to ensure renters are not screwed over but it is pretty obvious to me that if you want rent to go down the solution is more housing.
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Without rent control -- or some form of rent stabilization -- how do you guarantee stable shelter in a country with a decreasing home ownership rate? Children should be forced to move homes (and schools) every year so landlords can do whatever they please with rent increases?
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By having a sufficient supply rather than depressing it with onerous restrictions on price increases—if landlords can’t make money, they won’t build housing. Maybe something in-between would work best (e.g., loose rent control with no more than 5-15% annual increases).
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Nobody is suggesting that universal rent control should look like the wild stories from NYC: a banker or lawyer passing a $700 two-bedroom to his kids in the East Village. This is about universal rent stabilization, multi-year leases, and fair rules so people can have stability.
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How could you be top neoliberal shill otherwise?
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Tony Downs was leery, too. His 1996 book, "A Reevaluation of Residential Rent Controls," was a devastating assessment of the harm and unfairness of rent control.
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It's a zombie idea of the left.
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"Very leery" strong though for something that has been proven horrible both theoretically AND empirically?
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Leery but I don't think economists have reckoned with the benefits to those who are stabilized. I've seen proposals for social insurance, but until they get off the drawing board, rent control it is. I share your hesitation.
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That's a pretty small group of incumbents. New people don't tend to get a crack at that.
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They don't. But new people are, by definition, have already chosen destabilization. A more targeted reform would be preferred, but if it's not on offer, so it goes.
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Why not have the state aka government to own and rent out housing cheaper than private business does, by having only 1% profit margin?
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I think leery is an awfully weak word to use to describe something that is one of the dumbest policies ever conceived.
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