"We have seen corporate landlords—who own a larger share of the rental market than ever before—use inflation as an excuse to hike rents and reap excess profits beyond what should be considered fair and reasonable."
My understanding is that rent control backfired pretty spectacularly in the long term.
There are critiques against rent control that have persisted for decades that are now seeing a growing body of counter-evidence that it maybe isn’t that bad after all. Hence the resurgence of rent control being suggested as a policy tool. It makes sense that the myth that rent control is bad has persisted for so long - high earning economists (yes, they’re very high earners) who are thus more likely to own rental units have an incentive to publish research showing that policies that harm their rental income are bad, and have less incentive to publish research that shows policies like these benefit the renter over the landlord.
Here’s a great article by J. W. Mason, who has a PhD in economics, who goes over more recent research around rent control. He shows that it’s far more nuanced and less clearly “bad” than right wing economists have been trying to push us to believe.
This better matches my understanding than OP’s take. It’s not necessarily that certain folks were being disingenuous (though of course with financial matters that’s also common), but more so that rent control is designed to help people closer to the bottom of the financial ladder, and those people are also disenfranchised in other ways, including their results bring unreported or thrown under the rug.
The difference now is that the housing system is so screwed and skewed overall, rent control would likely benefit far more folks than those at the absolute bottom of the financial ladder – that, or the wealth gap is just so large that there’s a huge number of people at the bottom, all roughly equivalent to each other given how rich the rich have become.
There are critiques against rent control that have persisted for decades that are now seeing a growing body of counter-evidence that it maybe isn’t that bad after all. Hence the resurgence of rent control being suggested as a policy tool. It makes sense that the myth that rent control is bad has persisted for so long - high earning economists (yes, they’re very high earners) who are thus more likely to own rental units have an incentive to publish research showing that policies that harm their rental income are bad, and have less incentive to publish research that shows policies like these benefit the renter over the landlord.
Here’s a great article by J. W. Mason, who has a PhD in economics, who goes over more recent research around rent control. He shows that it’s far more nuanced and less clearly “bad” than right wing economists have been trying to push us to believe.
https://jwmason.org/slackwire/considerations-on-rent-control/
This better matches my understanding than OP’s take. It’s not necessarily that certain folks were being disingenuous (though of course with financial matters that’s also common), but more so that rent control is designed to help people closer to the bottom of the financial ladder, and those people are also disenfranchised in other ways, including their results bring unreported or thrown under the rug.
The difference now is that the housing system is so screwed and skewed overall, rent control would likely benefit far more folks than those at the absolute bottom of the financial ladder – that, or the wealth gap is just so large that there’s a huge number of people at the bottom, all roughly equivalent to each other given how rich the rich have become.
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