Reply to MoCo Rent Control Bills

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This sounds wonderful

Why can’t Northern VA do this? NOVA offers  very little help or financial assistance to renters compared to MD and DC[/quote]

Rent control doesn’t incentivize future construction of apartments.[/quote]

In Sweden it incentivized condo and coop conversions. [/quote]

Not just Sweden.  Pretty much everywhere.

Rent control makes landowners want to sell, and it discourages developers from building more rentals.    Then the tenants who benefit from the rent control never move out, including empty nesters who hang onto units designed for families.

You end up with less housing on the market, and people can't move in.

Beyond that, landowners do not bother to upkeep and renovate their units.  The revenue isn't there, and the tenants won't move out anyway.  This causes the area to decay, both from depreciating land values and a stagnating/shrinking tax base.[/quote]

What you describe would cause filtering to happen.

I don’t know why condo conversions are so bad. Give landlords a grace period to increase rent and then let them continue to rent with rent controls or convert to condos. If they sell, they can build another rental building. It seems like that would only be a problem if you don’t actually want to increase supply and lower prices. I get that landlords prefer just to increase rents but the way we’ve been doing things hasn’t produced a good housing market. [/quote]

Tenants get evicted when apartments get converted to condos.  Some of those residential units will also get converted to commercial space.  That leads to a loss in housing.

I don't get what you mean by "filtering."  Are you pro evictions?  Most rent control advocates are trying to protect tenants.

The bigger problem with your plan is that rent control has a chilling affect on new development.  Rent controlled areas have historically depreciated, and no one wants to build their assets in or near a depreciating area.  In addition, the administration has shown they are unfriendly to landlords, and rent control is drastic.  if they've done it once they can do something like it again.  Developers would rather build elsewhere.[/quote]

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