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by 1123581321
1459 days ago
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Rent control is well studied. Several bad things happen in rent controlled areas. Non-controlled rents rise. Gentrification accelerates outside of the protected buildings. People live somewhere they don’t necessarily want to be. Units are converted into lower density housing to drive up price. Commutes lengthen. If the city becomes less of a draw in the future, the controls don’t allow graceful lowering of prices. In contrast to most economic issues, rent control has robust bipartisan opposition. |
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You can encourage graceful lowering of prices by putting in inoccupancy taxes.
Rent control is easy to fuck up, and almost every place in the US that implements it half asses it by either making it only apply to part of the city, allowing unlimited rent increases between tenants, disallow reasonable rent increases for improvements, and so on. Rent control has to be implemented well to work. There are plenty of examples of cities where it works wonderfully, and plenty of places where there is multipartisan consensus in favour of them.