How Ironic: America’s Rent-Controlled Cities Are Its Least Affordable

[Originally published by Forbes]

 

Bad ideas die hard, and rent control is no exception. For several decades, there has been near-consensus among economists that laws which cap or regulate rents are counterproductive, and most cities have ended them. But there are a few that still have rent control, and others have spoken of reviving their policies, including Seattle, which held a town hall meeting about the matter on Thursday. The main supporter of rent control there was Kshama Sawant, the Socialist Party councilor who believes that Seattle must “build a movement around housing justice.” I’m not sure if by that she meant the city should adopt a measure that raises housing prices, but that would likely be the effect.  [read the rest at Forbes]