The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.
“We know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.
Yes, rent control, our panacea.
A short term band-aid that causes long term problems. Government price controls are a tale as old as time.
We have rent control in Paris, France. Appartments are still expensive, but I pay 1600 euros per month for 60sqm in the center of one of the liveliest cities in the world.
Rent control WORKS.
It’s inevitable that any type of price control will lead to supply/demand issues. That’s great it worked out for you but it is well documented that rent control harms rental markets long term. Anyone who disagrees is in denial.
And for the places without rent control with supply/demand issues…
Yes, multiple things can affect rental supply, not just government price controls.
Jesus, I’m getting it from both ends here, somebody else is dumping on me for suggesting that a rent-control system that’s a few points above inflation so that landlords could adapt to the market without abruptly bankrupting their tenants was somehow a reasonable compromise.
I’m not arguing for extreme rent-control policies, just that no rent control is bad because it lets landlords write their own eviction laws.
Peg it at like 2.5% or 5% per year above inflation and you can’t use it as a sudden backdoor eviction but you also let landlords adapt to market reality over time.
Capping rents might be stupid for all the reasons economists say, but putting a damper on sudden price shifts is just being humane.
The “humane” thing would be to make any and all rent seeking behavior very explicitly illegal, but that’s unlikely to happen.
So wait where do college students live in your world?
I think your second point is valid, but the first is upside-down. Landlords compete with tenants for plots and bank loans. If they started leaving the market, more plots will free up and banks will be forced to start giving out loans to tenants. This will allow people who are currently tenants to build their own houses, rather than needing to rent. And your third point only applies if you exclude some properties from rent control, which is what Ontario seems to be doing.
Uh, part of the point of the greenbelt is to stop building detached houses because they’re actually environmentally quite bad. I mean maybe individuals could work together to put together a co-op but Housing Now TO says that municipal governments generally block any of those that would pencil out.
I wanted to build a duplex but “zoning laws” say that wasn’t allowed, only single family detached houses with at least X amount of land.
Most zoning laws are serious bullshit and work as defacto segregation to keep the dirty
brownpoor people away from the nice good rich folk. It’s why suburban school is a totally different things from poor urban school.Zoning laws are why developers in LA can’t afford to build anything other than luxury condos. Land is literally too expensive to build. As an example: a requirement to have at least X parking spots per X units, even when it’s built right next to a metro and a bus depot and you’re building low income housing for people who are less likely to own cars in the first place.
Too many NIBYs whining about things.
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If you honestly believe this then you are delusional. I’m sorry there’s pretty much no kind way to put it. This statement is that egregiously erroneous that it is so incongruous with reality so as to be delusional.
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For what it’s worth, surveys in my country repeatedly show that renters would prefer to own. But the market here is rough and banks are denying people loans even with a lower monthly payments than their existing rent.
I would think it is the same in the US, but most people here rent because they can’t buy.
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Before I took economics in college I would have downvoted you. Price ceilings don’t solve the problem.
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There are countless examples showing it works. Look up France for example.
It’s funny, somehow I managed to understand this before any college. Because supply and demand are supposedly quite intuitive.
So the first point is simply false, the second point is symptomatic of the third point which is simply an example of a poor policy.
Also the second half of the third point is completely fucked off. If new construction were exempt from rent control then your ROI would be better on building units than buying units.
Why don’t you provide proof. Who the fuck are you that we’re just gonna believe you when you say ‘this is false’ lol
Nice ChatGPT copypasta, bro
It was a lot faster than writing it myself
Sure, but it’s irrelevant. There’s no economical rigor behind those statements. They could be true, they could be hallucinated.
I didn’t just type it into ChatGPT and copy/paste whatever it wrote without looking it over lol