The problem with policies like these is that individuals do not feel the harm done to society, they only feel the harm done to themselves. The rest of society is shouldering the deadweight cost of rent control.
Quote:
Originally Posted by GenWhy?
If we evicted a whole 1972 building and did no work on it, we'd charge the same maximum market rents as if it were 50% full of people living there over 20+ years paying below-market rents. The only difference between these two scenarios is the extra money my Client would make.
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The difference being that the existing tenants will have to rebalance their housing wants and needs to what they can afford and provide the opportunity for others who have a greater housing need to buy in. It doesn't sound like a lot on the small scale, but some level of turnover should be considered healthy. Zero turnover is absolutely unhealthy.
As WarrenC12 explained, the incentive should be to provide the lowest price to attract tenants, not to lock in tenants at prices.