Opinion: Rent control is better than nothing, but it can't fix California's housing crisis (via latimesopinion)
With many cities in the grip of an affordable housing crisis, it’s not surprising that states and local governments are desperate for answers — and some have turned to rent control., a statewide rent control bill that will cap rent increases to about 7% a year for all buildings more than 15 years old. New York and Oregon have approved their own rent control laws recently.
One significant problem with many rent control policies is that they are not targeted enough toward the needy. For example, New York’s new rent control law would allow New York City apartments with rents exceeding $2,700 a month and occupied by people earning more than $200,000 a year to remain rent-controlled. This change may well be the byproduct of the New York state Legislature’s desire to stop the loss of affordable housing units.
The law is unlikely to affect most renters. It might help prevent long-term residents from being quickly forced out of a booming neighborhood. But it won’t help lower-income renters who are struggling to find an affordable housing unit within reasonable commuting distance from work.
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