Rent controls skewer property-market outsiders, protect favoured residents and stymie supply
of homebuilding in and around thriving cities is one of the great economic-policy failures of recent times. In London the median full-time employee renting the median two-bedroom flat works nearly half the year just to pay the landlord. In San Francisco rent is so high that a four-person household with an income of $129,000 might still qualify for federal handouts. Housing shortages like these have helped suck wealth away from young renters, fuelling tension between the generations.
Rent controls are a textbook example of a well-intentioned policy that does not work. They deter the supply of good-quality rental housing. With rents capped, building new homes becomes less profitable. Even maintaining existing properties is discouraged because landlords see no return for their investment. Renters stay put in crumbling properties because controls often reset when tenants change. Who occupies housing ends up bearing little relation to who can make best use of it .
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