Comment by jakdak on 07/11/2018 at 15:10 UTC

4 upvotes, 1 direct replies (showing 1)

View submission: California Proposition 10: Local Rent Control expansion initiative was soundly defeated. What the hell? (I hate to say this, but this should be a no-brainer; It should be passed easily, considering the fact that the rent has been out of control. (ridiculously expensive))

Rent controls cause more problems than they solve.

CA needs more rentable property, not more government controls.

Replies

Comment by howsci at 07/11/2018 at 18:09 UTC

0 upvotes, 1 direct replies

A rent control works if the rent goes up every year and is eating away people's income, and when the profits for the real estate companies go up and up every year. It's not like the property tax rates have gone up, or the inflation has been ballooning, or the construction material has gone up. It's basically a house flipping problem by speculators, which creates an artificially low supply of housing. Many people buy houses do not live in houses or rent the houses to other people. They keep doing remodeling and selling it off to others. It's basically a housing price bubble all over again.