Is Rent Control Still Relevant?
"Originally designed to protect tenants from skyrocketing rents and ensure housing stability, rent control policies have disincentivized property owners from updating and renovating older buildings, as well as distorting housing markets," writes Brian Peykar of Brach Eichler.
April 23, 2024 at 09:30 AM
8 minute read
Real EstatePrivate property rights are a cornerstone of our legal system, providing individuals with the freedom to acquire, use and dispose of their property as they see fit. The U.S. Constitution explicitly provides protection of private property rights as a fundamental aspect of individual liberty. Yet, this liberty often intersects with our government's responsibility to safeguard vulnerable populations, such as low-income tenants, from exploitation and homelessness. Balancing these interests is a complex task, requiring careful consideration of legal, economic, and ethical factors. Nobody wants to have to displace a family or individual from their home because they can no longer afford to live there, but unfortunately that exact scenario happens every day, and we must balance this issue against a property owner's right to own and operate their property as they see fit. In a much broader sense, these competing interests trigger a careful balancing act between capitalist principles and socialism.
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