As burgeoning rental demand meets stagnant wages and limited available apartment stock, major cities from New York to San Francisco are struggling with housing affordability challenges. Local, state and federal governments are working on options to increase affordable housing, but many advocates are pressuring them to consider rent control as fast fix.
Economists largely agree that rent control measures fall short of their promise. And industry stakeholders cite issues with the net effect of rent control on overall rents, as well as abuses of the system. "It doesn't serve the people who need it most," said Jim Lapides, spokesman for the National Multifamily Housing Council (NMHC), in the article.
But those points are hardly putting the long-standing debate to rest. In fact, some cities and states are finding themselves at odds with each other over rent control pressures.Read More