What would you offer as an alternative and better solution?
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Eliminating regulations that make it hard for people to build housing has the surprising effect of allowing people to build housing. Then our old friends supply and demand take over and housing prices fall. The darling example of this right now is Tokyo.
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It's one of those if games. if capital was free and new building development was frictionless and usable land was infinite... unless you know the questions to askand how things comprises a dynamic system, kinda screwed.
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Maxis SimCity alumni tried to help policy makers (and voters) grasp their levers with SimHealth. Kinda worked but relating to realworld consequences nixed the fun. https://en.wikipedia.org/wiki/SimHealth https://www.myabandonware.com/game/simhealth-2am …https://www.youtube.com/watch?v=-F-H0GwsZPk …
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The problem with rent control as a policy idea is that it: a) offers short term benefits to lots of people in an easily understood way b) offers an opportunity for “virtue signaling” by candidates who weren’t going to win support from the immediate victims
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Economics operates in the long term, politics in the next half minute.
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And this is why libertarian policies that promote long term market solutions are toast unless the wheels are off the wagon.
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Fair rent control for landlords is okay but governments must make sure to incentivise them by providing the landlords some tax benefits and other reliefs, so as they don’t switch from renting to other modes like stays and condos. Otherwise nobody wants to make less money!
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Best way to think about the issue: any given market for rental RE will generate market rate rent in the aggregate. Fixing the rate of a portion of the units in said market just increases rent paid by the rest.
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What about the State competing like in the case of Helsinki? "Helsinki owns 60,000 social housing units; one in seven residents live in city-owned housing. It also owns 70% of the land within the city limits, runs its own construction company."
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They also have restrictions: "housing mix to limit social segregation: 25% social housing, 30% subsidised purchase, and 45% private sector."
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