Affordable housing is a major problem, but rent control is not the answer

A primary concern for Americans today is the availability of affordable housing. In fact, this concern is turning out to be a deciding factor for voters. According to a, 91% of Gen Zers will base the ballot decision on this factor, and the statistics for Millennials, Gen Xers, and Baby Boomers are also high.. But, as is true with the student debt crisis, political interference in the housing market will do little to curb costs and end up being a burden born by all taxpayers in the end.

These initiatives are being positioned as a means to help renters and curb costs, however, in reality, such policies are short-sighted and could backfire. particularly one that is being reactive to voter interests rather than proactive for improving long-term cost concerns. Moreover, market adjustments take time and, fortunately, Pennsylvania has been making moves in the right direction.

Rent control will hurt consumers in several ways. By capping rents, property owners have less incentive to maintain and improve their properties, leading to declining housing quality. Rent control can also discourage new construction because developers may see reduced profitability, exacerbating the housing shortage in the long term. One only needs to look at New York City’s infamous rent control programs, to see what the future holds.

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