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L.A. County wants to cap rent hikes at 3%. Landlords say that would push them to sell
(www.latimes.com)
this post was submitted on 09 Jun 2024
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The poor little landlords! They have to find something else to do with their lives besides sitting on their rear ends most of the month and laughing all the way to the bank once a month.
The problem is raising rents are always due to lack of supply. I used to be very supportive of rent control but realized it's just a shitty band-aid on the real problem - lack of housing.
It will keep rents low for a bit, but won't fix the fundamental problem that allows high rents in the first place: and people will still struggle to find housing.
And you can bet your ass that any new will have massively increased rent or prices to compensate.
The real fix, like everywhere else, is to kick out the nimbys and allow building again
It will force them to sell, which will perhaps make buying a home more affordable, so less people have to pay rent and more people pay a mortgage on a home they bought.
It generally doesn't though. People who rent aren't suddenly going to be able to afford to buy. If you look at cities that do these policies, homeownership rates do go up, but the entire lower income community is basically evicted from the city. It's basically accelerated gentrification.