Housing expert Jenny Schuetz of the Brookings Institution analyzes the misconceptions of local housing markets that underlie the argument for rent regulation.
“However most of the cities and states currently debating expansions of rent regulation are places with high barriers to entry that have consistently failed to build enough housing to meet population and job growth. New York City, most of coastal California, and the Washington, D.C. metro all have strict land use regulations and complex development processes that limit the supply of new housing, enabling existing landlords to charge higher rents. The most effective long-term solution is to reduce barriers to development and build more housing, more quickly and cheaply.”
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