An analysis of the pros and cons of rental control policies and how they affect the supply and demand of rental properties.
Written in 2008; 2,950 words; 8 sources; MLA; $ 87.95
Paper Summary:
This paper discusses the economics behind rent control enforcement. It discusses the advantages and disadvantages of rent control and the effect that this has on the rental market. It describes basic supply and demand issues as they relate to rental prices and availability. The paper concludes that exercising rent control policies more often than not results in an actual shortage of housing due to the innate removal of the economic stimulus for private developers to build new rental properties.
From the Paper:
"Exercising rent control policies more often than not results in an actual shortage of housing due to the innate removal of the economic stimulus for private developers to build new rental properties. Additionally, rental units not controlled by rental control laws are forced to compensate for the lost revenue of controlled units by having their rent levels unduly increased. Other research indicates that some of the sacred cows of rental control proponents, such as improved integration in the community and elevated living standards for the low-income and the elderly, simply do not occur (Freeman & Braconi). Housing markets, just as any other market, should be left to the forces of the free market itself to find and locate its own equilibrium relative to supply and demand. If the market demands additional housing and the economic profile of the community supports its construction, additional housing will be built. If the economic profile of the community does not support it and there is not a local demand, supply will not increase."
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