Rent Regulation

Paper Summary:

This paper examines how rent control and rent stabilization have been used in a number of American cities for many decades and how, from New York to California, many cities impose rent regulations for a number of different reasons and in a number of different ways. It explores how, although these regulations can be beneficial in some cases and for some people, there are also serious drawbacks to the programs for the general population. It attempts to show that with deregulation, it is possible to ensure a fair housing market for all, including the low income, middle class, and upper class citizens and how, with slow rent increases, gradual housing development, and a provision for low income families, the housing market could return to its normal state. It looks at how, done correctly and with proper concern for all parties, landlords and tenants can both benefit from the deregulation of the housing market.

From the Paper:

"Rent control, or rent stabilization, in general, can be described in current society as a limit to the amount of rent a landlord can charge a tenant for a specific living area (Clockedile, 2003). Rent control and rent stabilization laws place a ceiling on the level of rent a landlord is allowed to charge, based on the current cost of living in the area and the Consumer Price Index. In addition, rent control and rent stabilization allows tenants who have lived in the occupancy for a certain time the right to renew their lease, and limits the circumstances in which a tenant can be evicted (Pusey, 2002)."

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