BY BRAD BECKETT ON JUNE 6, 2023
A recent essay by the Foundation for Economic Education says a rent control renaissance Is underway in America and it’s sure to make the housing shortage worse. Click here to read more.
The author reminds us that failed attempts to implement rent control reinforce that there is only one way to lower housing prices when there is a shortage – build more housing. Indeed…
If one needed any more proof that rent control laws suppress investment in new housing, then it is not necessary to look any further than this recent survey from the National Apartment Association. They found that “Over 70% of housing providers say rent control impacts their investment and development plans; actions include reducing investments, shifting plans to other markets, and canceling plans altogether.”
This is significant for two reasons. The first is that there is something of a rent control renaissance happening right now across the country. There are major cities — and even whole states such as New York and Colorado — that are currently considering implementing rent control.