The fastest rate of home building was in New York during the 1950s. The strictest rent controls were in New York in the 1950s.
The slowest is today when rent controls are weakest.
It's not that it doesn't have an effect, but it is small and is absolutely overwhelmed by the lowering of property taxes. When property taxes are low, even the shittiest units making the most inefficient use of land like yours can tick over making a small profit and this eats land which would otherwise be used to build denser housing.
Lowered property taxes also kicked property values sky high which in turn led to the NIMBY revolution. This also inhibited home building in a massive, massive way.
In order to fix the housing crisis landlords who use land inefficiently to start losing money in a big way. That way they will finally dump their properties and the land can be redeveloped efficiently.
They must be subjected to market discipline otherwise the housing market will never be fixed. The velvet glove treatment of their rent entitlements is entirely unsustainable.
How are landlords your target for inefficiency when (complete guess) 50%+ of land is being used for single family homes?
My property is going from 4 units to a personal residence due to rent control. It is unprofitable. It is not being developed further despite that being my initial plan because those restrictions would carry over to the new units (SB 8). You will never convince me these programs are good. They are literally taking housing off the market.
This is zoned for 14 units. I will sit on it for 10 years due to SB 8. Great policy to prevent housing development.
The fastest rate of home building was in New York during the 1950s. The strictest rent controls were in New York in the 1950s.
The slowest is today when rent controls are weakest.
It's not that it doesn't have an effect, but it is small and is absolutely overwhelmed by the lowering of property taxes. When property taxes are low, even the shittiest units making the most inefficient use of land like yours can tick over making a small profit and this eats land which would otherwise be used to build denser housing.
Lowered property taxes also kicked property values sky high which in turn led to the NIMBY revolution. This also inhibited home building in a massive, massive way.
In order to fix the housing crisis landlords who use land inefficiently to start losing money in a big way. That way they will finally dump their properties and the land can be redeveloped efficiently.
They must be subjected to market discipline otherwise the housing market will never be fixed. The velvet glove treatment of their rent entitlements is entirely unsustainable.