Rent Control Is A Risk
Orange County Can't Afford
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Don’t be fooled. Get the facts before you vote.
This Election Day, rent control is on the ballot—and it’s not what you think. Local politicians are calling it “Rent Stabilization” but the end result is the same.
4 Reasons to VOTE NO:
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Apartments converted to condos reducing affordable rentals – This is not what Orange County needs, and it’s easy to see that just looking at how things worked out when San Francisco decided to give it a try. Owners converted apartments into condos, which reduced affordable rentals by 15%. In fact, this program did the exact opposite of what politicians said it would do and actually increased income inequality.
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In communities that have tried it, rent control has backfired, hurting renters by reducing the supply of affordable apartments. – According to the National Bureau of Economic Research, rent control “lead to a housing stock which caters to higher income individuals. Rent control has actually fueled the gentrification of San Francisco, the exact opposite of the policy’s intended goal” and “has led to a higher level of income inequality in the city overall.”
Source: https://www.nber.org/system/files/working_papers/w24181/w24181.pdf
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Makes it harder to find an apartment – At a time in when our area is suffering from a lack of affordable housing, the last thing we need to do is create policy that leads to fewer apartments and higher rental costs or, in the words of the Manhattan Institute, “makes it harder to find an apartment.”
Source: https://www.manhattan-institute.org/issues-2020-rent-control-does-not-make-housing-more-affordable
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Harms disadvantaged groups – Rent control harms disadvantaged groups and degrades the quality of rental housing. This measure will further burden those it is intended to protect.
Source: https://www.manhattan-institute.org/issues-2020-rent-control-does-not-make-housing-more-affordable
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