In the U.S., median rent has doubled since the 1990’s, outpacing inflation. Politicians and the public think rent control is the solution. Spoiler alert: it’s not. (Photo: Caelie Frampton)
As cities become ever-more expensive, politicians and housing advocates keep calling for rent control. Economists think that’s a terrible idea. They say it helps a small (albeit noisy) group of renters, but keeps overall rents artificially high by disincentivizing new construction. So what happens next?