The Boston Globe: On the folly of rent control, right and left agree
The Boston Globe’s Jeff Jacoby pens a column outlining the city’s broad opposition to failed rent control policies.
By definition, rent control holds the price of housing below what the market will bear. At artificially reduced rents, demand for rental housing rises, but incentives to supply more housing — and to maintain the quality of existing housing — fall.
Turnover shrinks, as tenants grow reluctant to give up apartments with low rents. The longer rent control persists, and the more harshly it is enforced, the worse the problem grows.
Read more here.