Will Parker

speaker

780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Rising Rents Spur Cities to Consider Rent-Control Laws · 15 Mar 2022 podcast

Paul, the way things are looking, when their law goes into effect in the spring, landlords wouldn't have that option. matched

So in the 1970s, there was a bit of a resurgence of rent control. matched

You know, we'd had price controls after the First and Second World Wars, and some cities had set their own rent controls back then. matched

But in the 70s, which was a period that was marked by really high inflation, you saw rent control coming back. matched

You saw cities like Berkeley, California, and Los Angeles put in rent controls. matched

And at this time, the real estate industry felt like they were really losing the rent control battle at the city level. matched

And they began to organize a more concentrated lobby to focus on state government and the federal government. matched

And over the course of the following decades, had, you know, had really successful campaigns to lobby state governments and say, you know, we think rent control is really bad for housing markets, bad for local economies. matched

And many of those states wrote laws that prohibited cities from setting their own rent controls. matched

And in fact, those laws are still in place in more than a dozen states today. matched

And that's really the biggest barrier for these progressive lawmakers that are looking to put in new rent controls now. matched

So landlords are, of course, very opposed to rent control. matched

One is, you know, on a sort of constitutional basis that it constitutes a sort of a taking of their property and deciding what they can and can't do with it. matched

But, you know, more to the point that the arguments from the real estate industry have always been that, you know, rent control discourages new construction. matched

We have a housing supply problem in the United States. matched

that virtually everyone agrees is not being resolved currently, why do we want to discourage people from building more housing? matched

And their argument is that we would if we're telling, you know, building owners that they're only going to get these, you know, modest increases on apartments. matched

Another argument has been, you know, if you have rent control, you can't expect landlords to take as good a care of their apartments as they would otherwise do. matched

And that could lead to a deteriorating housing supply, which is also not good for people. matched

So that's their argument and they're sticking to it. matched

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