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

0 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))

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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.

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Comment by chasebr0ck928 at 08/11/2018 at 01:41 UTC

2 upvotes, 1 direct replies

LA just passed a 120 day max to rent our rooms or apartments to non-residents. This should eliminate a lot of Airbnb’s in the long run. Santa Monica should do the same