That quote seems to ignore reality. If we look at San Francisco, where units built before 1980 are not subject to rent control, we find that building new housing has nothing to do with fears that rent control will be extended.
I agree that rents for uncontrolled apartments are high, but if we eliminated rent control for the rest, that wouldn't really fix anything. The formerly-rent-controlled apartments would cost just as much as the post-1979 housing stock.
The only thing that will fix our housing cost problem is a truly radical amount of new construction. Developers would love to build here, but the cost to build here is ridiculously high for policy reasons that have nothing to do with actually building.
If we could build enough housing to satisfy demand, then we might be ok eliminating rent control. Rent control is a response to housing scarcity, not the cause. You'd think economists would understand basic supply and demand.
About the only thing I do agree with is that rent control reduces the quality of available housing. Landlords are less incentivized to fix problems and maintain their buildings when they can't make market rate from their tenants.
I agree that rents for uncontrolled apartments are high, but if we eliminated rent control for the rest, that wouldn't really fix anything. The formerly-rent-controlled apartments would cost just as much as the post-1979 housing stock.
The only thing that will fix our housing cost problem is a truly radical amount of new construction. Developers would love to build here, but the cost to build here is ridiculously high for policy reasons that have nothing to do with actually building.
If we could build enough housing to satisfy demand, then we might be ok eliminating rent control. Rent control is a response to housing scarcity, not the cause. You'd think economists would understand basic supply and demand.
About the only thing I do agree with is that rent control reduces the quality of available housing. Landlords are less incentivized to fix problems and maintain their buildings when they can't make market rate from their tenants.