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News Link • Housing

Reaming Owners and Other Renters with Rent Control

• http://www.independent.org, By Gary M. Galles

He also said he would consider extending rent restrictions to newer buildings in Los Angeles if the state initiative passes, in the name of assisting renters.

However, while he claims to see injustice between tenants under rent control (which he called "like winning the lottery") and those not under rent control, he fails to notice that his "solution" imposes a far greater injustice on renters, as well as property owners.

Rent control would not help Angelenos looking to rent. It would transfer a great deal of income to current tenants out of landlords' pockets, but would harm the vast majority of prospective future tenants.

One of the most universally accepted propositions among economists is that rent control produces a host of averse social consequences. It takes a large portion of the value of residential properties from landlords by removing their rights to accept offers willingly made by potential tenants.

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