say it with me:
BUILDING
APARTMENTS
WITHOUT
CONTROLS
ON
THE
RENTS
OF
THOSE
APARTMENTS
ONLY
ENRICHES
DEVELOPERS
AND
DOES
NOT
DRIVE
DOWN
RENTS
thinking that it does is some neolib "free market" bullshit
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Yes, and you cure pricing by rent controlling, which is the point. You're replacing a lottery system with a highest bidder system (i.e. rich only) when you remove rent control. This is lateral to density.
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Oh no Rent control is still a highest bidder system but instead of competition on price you compete on other margins "I have eighty tenants who want every unit. Why should I choose you? What can you offer me that others can't?"
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Maybe I add outrageous key fees. Maybe I never repair the place. Maybe I only rent to ethnicity groups I like. What does it cost me? I'm not giving up any money by treating my tenants poorly. They're all paying below market.
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You can try to outlaw these things but in practice this is impossible Even if you succeeded the response would be decaying and never-replenished housing stock, since landlords would have no incentive to keep places up to attract tenants, and no expectation of profit on new units
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On these points, I direct you to the experience of renting in New York and San Francisco.
End of conversation
New conversation -
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Like--my guess is that generally 1000 extra luxury units will have a similar effect on area prices as 1000 extra spartan units of the same size And speaking for myself I would be delighted with either being built
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