![]() ![]() In particular, states and cities have a bevy of rules and regulations regarding what kind and size of new homes can be built that overwhelmingly make it illegal or unprofitable to build small single-family homes, multi-family homes, and dense neighborhoods.ĭespite economists’ consternation, demand for rent stabilization policies is growing, in particular in high-cost-of-living cities where a greater share of rent-burdened tenants are higher-income young people with political power. As economists often stress, rent control fails to address the core issue of why housing is so expensive to begin with: lack of supply. Voters are backing these measures in response to the skyrocketing price of housing.īut all of these policies share a problem if enacted as the exclusive solution to rising rents. Not all rent control policies are alike: Some programs cap annual rent increases or put limits on the absolute price of a unit it can be granted to certain low-income people or applied to all buildings of a certain type. Paul, Minnesota, “voters enacted one of the most stringent rent control policies in the nation.” As Bloomberg’s Kriston Capps notes, the policy is “making a comeback.” Santa Ana, California, adopted a rent control ordinance in Boston, voters elected a new mayor who ran in part on rent control and in St. ![]()
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