This will happen:
1. Rent controls put into effect
2. Taxes rise beyond the rent control increases
3. Landlords cannot make a profit
4. Maintenance gets delinquent-renter gets unhappy
5. Landlord fails to keep up mortgage payments
6. Landlord files for bankruptcy or Bank forecloses
7. Bank is now the property owner and new buyers are few & far between. Property most likely now is sub par in condition & getting worse.
8. Empty properties are now being “squatted in’ by homeless or ‘single black mothers as in San Francisco. “Housing Is A Right” they claim.
9. Banks will hold off paying property taxes until forced to by local rules. IF they have a 3 year window before the county or city seizes the property-—they will hold back taxes for that 3 year window....which leads to lower tax revenues being collected & higher administrative costs by the local authorities....keeping track of those inside or outside of the 3 year window. When 3 year window looms, bank will pay 1 year—and still be delinquent in the other 2 years.
10. Neighborhoods that were decent residential areas will fall into disrepair very quickly. Gangs & other criminal problems will dramatically increase and spill over into other neighborhoods.
11. MORE HOMELESS will be roaming the streets.
12. Cities will be declaring bankruptcy because they do not collect enough tax revenue to pay for all the goofy ideas Bernie has for life in the USA.
13. Construction on new rental properties will cease-—dropping income taxes from such builders.
SOMEONE-—ANYONE-—tell me what I missed......I am just a simple bookkeeper who went to a one room grade school.
You forgot the 20 million illegal aliens.