Tim_Tex wrote:
What about the people who want to live there, but who aren't rich?
I am trying to relocate to Seattle, and would be in a similar situation.
Also, we need to completely revolutionize urban development.
That's exactly who rent control hurts the most. Rent control applies to existing housing as it is raise based. Since rent control cuts into profits from existing housing that hurts financing for new housing development. New housing is not subject to rent control so to make up for it higher rents are charged, and since there is less new housing and the demand is sky high people will pay them.
So if you have a rent controlled apartment great. Your rent will not go up as much as the market dictates, and will take years for ownership neglect of the property to take effect. If you don't have a rent controlled apartment, good luck finding one.
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