Because of the housing crisis in LA, it is much cheaper to buy a home than to rent. Problem is: the down payment. But the rental price each month is formidable.
This will work out as my Econ 101 professor predicted. Those who vote for it deserve the housing shortage and limited maintenance that they will receive. I feel sorry though for the decent people who will, as usual, become the victims of liberal policies.
Just wait until they start taxing ‘accumulated wealth’.....already taxed money, trying to earn interest. Socialism is alive and well in California
When landlords stop re-renting when a tennant moves out because of the regulations, then what will the snowflakes do?
Utterly predictable result of the way in which economics are NOT taught in our public schools.
Once the Cold War ended we stopped teaching why Socialism was NOT a good idea too.
Otherwise known as "a Democracy."
It is sad that we have let the State with the most abundant resources and the best climate, get taken over by a bunch of leftist loons and illegal immigrants. Oh well...
Calls for rent control are a symptom of a housing shortage. Maybe if there were fewer Mexican nationals in California there would be enough housing for Americans in California.But the effect of rent control is to limit the quality of housing by inducing landlords to skimp on maintenance. You arbitrarily limit the rent which can be charged, you ineluctably limit the value of the property being rented. And landlords are not so foolish as to pay to maintain the quality of the property above the legal limit on its value.
And efforts to prevent landlords from reacting rationally to rent control simply drive the value of rental properties even lower.
Utopia! /s
Actually, that’s the last nail in the coffin for that place as far as I’m concerned. I really don’t think I’m going to go looking for products from CA if I can help it.
Great, I always wanted to live in Malibu on the cheap.
Ahh, another government fix to solve the problems created by other government fixes (increased property taxes, special district taxes, utility taxes, city taxes and minimum wage increases...)
This will work out wonderfully, as soon as they make more legislation to increase taxes and regulations... Anyone care to bet how many hundreds of thousands of condos will soon be coming into creation from old apartment buildings?
One more idea by idiots.
I’d find this amusing were it not for the fact that the Red States will be required to bail out these Blue State disasters.
I have been in the rental business for many years and every year my property taxes and insurance go up. The price of repairs go up every year. Tenants seemingly cannot help themselves when it come to taking care of the property such as know holes in the doors, wall and windows. No why would rent go up? Hmmm
Ghetto apartments everywhere if rent control happens.
Nothing will be repaired. No incentive to do so and no money to be made to build more apartments.