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<\/p>\nThe most prominent forms of rent stabilization are in New York and Los Angeles. Here is why these policies are misguided.<\/p>\n
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Here’s how much homeownership costs per year, on top of your mortgage<\/p>\n
Bankrate finds the typical family home comes with an added price tag: $18,000 in “hidden expenses” every year. (Scripps News)<\/p>\n
Scripps News<\/p>\n
On Nov. 12, Los Angeles passed reforms to their rent control program<\/a>, sharply curbing the amount that property owners are allowed to raise rents<\/a> annually.\u00a0<\/p>\n Some have framed this as a victory for tenants, but the expansion of these policies is a tragedy for all who enjoy living in affordable cities.\u00a0<\/p>\n Rent control is a dangerous policy<\/a> that threatens to destroy America\u2019s cities. It inevitably reduces housing supply, drives up the rates of nonregulated units and causes regulated units to fall into disrepair.\u00a0<\/p>\n Rent controls involve caps on the amount that landlords can increase the rent<\/a> on an annual or per-lease basis. They are a recent favorite of far-left mayors, but they are anything but a new policy. The devastating effects of rent controls are well-documented, and the policy is even more disproven by basic economics.<\/p>\n Rent control disincentivizes<\/a> the No. 1 way to bring down housing costs: increasing the supply<\/a> of housing. When more housing is available, renters have more choices competing for their dollars, which drives prices down. When there are fewer units available, more renters compete for them, driving prices up.\u00a0<\/p>\n Rent control is an old and well-documented, horrible policy<\/p>\n The most prominent forms of rent stabilization are in New York<\/a> and Los Angeles<\/a>, both of which broadly exempt<\/a> new construction from the policies, instead applying them to units built before a certain date.<\/p>\n But even these have problems<\/a>. Rent stabilization policies make it less likely for people occupying stabilized units to move. This reduces the supply<\/a> of available housing for new renters, thus increasing the rates they pay.<\/p>\n The supposed \u201cbeneficiaries\u201d of the program also have some serious issues. By preventing landlords from raising rent at market rate, landlords no longer have the revenue to make improvements on or even maintain their existing units.<\/p>\n