Oregon to try statewide rent control
What does everyone think about this? IMO completely foolish. They should let the market determine rents, not government.
https://www.nytimes.com/2019/02/26/us/oregon-rent-control.html#click=https://t.co/UIxK0K98Bx
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One of the biggest problems I see with rent control is housing turning into slums. If you take substantially below market tenants you will not invest a lot of money to keep your property up, there is no incentive to fix it up. Think about it you are $1,000 below market, are you going to put a new coat of paint on or replace that sagging board in the bathroom if you get the same rent? Of course not. Everyone is desperate for a house so they take what they can get. Replae the carpet? Why you get the same rent for new or old carpet. What is really funny is the millionaires getting rent control like New York City. Some of the large penthouse apartment units rented by the VERY wealthy end up being paying the same rent as a guy making $35K a year. Eventually due to fines and lack of repair and lack of profitability, and huge taxes the state starts having housing get condemned and becoming derelict because there is no money in fixing them up and running them. The list goes on and on. Thinking the way you solve a problem is taking away rights from property owners and making them pay the cost of your program instead of having the government pay to fix the housing problem is not much better than theft.