If these clowns think it's hard to find an apartment in CA now, wait a while if this numbskull bill passes.
In an era of scarce housing they want to impose rent control. LOL - who needs those pesky laws of economics.
politics meets economics. its interesting to watch. CA, Democrats, when they comes to my mind, my mind is frozen instantly
California gets what LA and SF voted for...
Scarcity of an item causes it price to go up. So to bring housing prices down, make more housing available. Simple.
However, the same people that want to impose “rent control” are also the people who are against any new housing development.
So...artificially keep housing units below the demand, and artificially keep the price of available housing below fair market pricing.
The truth behind it is that it is way to reduce the number of minorities that live in predominately WHITE liberal urban areas.
Rats are incapable of learning.
If the concept has socialxxxxxxx in the name/description, they rush towards it like flies to shi...er...Obama speaches.
If these clowns think it's hard to find an apartment in CA now, wait a while if this numbskull bill passes.
Some rent control in this country has been going on since the beginning of World War II, and the legal basis for the rent control is that it is to protect from shortages in housing caused by the war.
The solution would be to loosen regulations governing land use and real estate development. There’s a lot of useable land sitting idle protecting some god-forsaken endangered fairy shrimp.
So what’s the bottom line on allowed annual percentage increase...?
You live somewhere and you come under “rent control” Ok good for you. Now you don’t move to that better job because even with a better salary it will be defeated by the higher cost you’ll pay for housing. So now you are “grandfathered in” in your rent control city.
And you apartment is no longer on the open-market supply of rentals. Your situation is multiplied by all the others given the benefit of rent control and all their residence are off the open market. Wonderful for all of you.
Now instead you are just moving to that rent controlled paradise. YOU are in the disadvantaged position of trying to find an affordable housing unit in a open market where the supply of open market units has been shrunk by government fiat. Hopefully, your new employer there recognizes that and is giving you a salary worthy of the much higher costs you’ll have for your new residence. Or, you will be taking a de facto pay cut - due to higher costs of your residence - just for the privilege of living and working in that rent controlled paradise.
Rent controlled cities over time have two kinds of residents. Those with much higher than national average costs for renting a place and the rent controlled residents with rental rates on average lower than the national average.
And yet the Dims are always claiming they are for “equity”.
They really do not give a dam about “equity”. They only care about honoring the ignorance of their “good intentions”.
San Fernando valley in Calif a 350sq/ft studio apt costs $1,178 a month.