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It feels like America's major cities are falling apart and that's because in large part they are. rising. Rents are driving up homelessness in counties across the states when rents go up ten scholar once again, I would like to thank you for raising what an enormously important issue. Not just there is national housing crisis. Under my plan we will establish a national rang, control standing there's only one problem of rank and drop. It is a giant value. The giant failure is rooted in very simple. I the lie that landlord

are capable of extracting extraordinary rent from tenets of sheer great. That's, not true landlord. Can't discharge charge, you any amount that must charge you because you will move you Just keep living there and paying extraordinary rents it. There's an apartment. Building across the street are lower for the same property as rents. Rise developers also typically seek to develop more rental unit. It supply advance. If I can charge a lot money for rent, and I myself will build another building or retrofit no building or convert condos into apartments or develop proponent will do the same thing. as the demand rises, supply will rise to meet landlords, aren't any different from grocery store owners. They can only charge what the market will bear. They have to compete with the other landlords

the big problem is rent control drives scarcity. What you end up doing is removing the prophet incentive for people to come in and build new apartment supply. Drugs, rents rise in all the non rent, controlled environment, as even Liberal Brookings Institutes as well run control appears to help current tendency in the short run. In the long run, it actually decreases affordability, jewels, gentrification and created negative spillovers on surrounding neighbourhood. Nobody built new apartments soldiers then government will subsidize affordable housing. Ok, you subsidized horrible housing. What do you think happens that well nobody to live next to the affordable housing, so they leave, but on the tax base decreases. So then you have to raise the tax on everybody was left, but then more people leave and then the tax base decreases again. This hey drive people to California, Cambridge Massachusetts unleashed its rents after decades of rain control. The result was a massive uptake and property values. As Brookings noted, rent control properties

great substantial, negative externalities on the nearby housing market, lowering the amenity value of these neighborhoods and making them less desirable places to live when you get rid of the profit margin for landlords, landlords have no interest in increasing their costs, They stopped in many cases, even doing basic maintenance on their buildings. All this very often makes the apartments pretend it because it turns out when landlords don't care about. The condition of the buildings because they lose money taken there are the problems. Well, tenants are the ones who suffer run control leads people to stick around and apartments. They don't need just because they're getting a deal. So let's say that you have family afore, the Internet Control Department and you kids, each have their own bedroom well overtime. Your kids go to college. Without you, gonna get rid of that parliament. Now, normally, you might get rid of the apartment because the rent would be so high while you keep paying for extra bedrooms that you are not using, but because rent control Artificially lowers the price that your pain for the apartment, people keep sticking around. The giant departments are being occupied by fewer people.

Need the giant apartment and the next family that has several kids can actually get into the apartment cause you're still here. This only strains Why even more into one study over one fifth of all rent. Well, departments in your city are occupied by tenant, who have the wrong number of rooms but size their family. There are two ways that the left tries to handle the problem. Of rents being July. One is that they will pass laws that developers from building more units because they don't have want their own property values you drop, and then it will subsidize government owned, affordable housing? This leads to this vast income gap between the people can afford to Lebanon. And if people can live in a city and there's nobody in between, The second way they found is with rent control. You want to know why San Francisco is now all high tech, entrepreneurs and homeless people read control is a big part of that story. Getting California demo are actually trying to unleash rent control across major cities last year they put it on the ballot.

Position. Twenty one will allow cities and counties to expand rent control throughout California, which limits even californians. We're done enough to vote for it in New York City Council considered a rent control proposal that would heavily restrict landlords ability to move rents in response to market economies. Broadly agree on the stupidity of rent control. Everybody mean everybody from town a soul. To prevent understands that run. Control is an idiotic idea, but run frolic raising the minimum wage is a bad idea that never dies. It's always easy on greedy landlord. It always lot tougher to recognise the getting rid of land. Words doesn't make rent free. It just means that nobody builds apartment buildings anymore, and there are no more apartments available to run it actually wanted to make housing more affordable. There's some things they could do. The easiest thing would be removed development regulations. In fact, the cities that have some the worst rents issues are the most heavily regulated sittings place like Seattle, make it incredibly difficult to build new housing, LOS Angeles increased

The difficult San Francisco has been raided. The most overregulated city in terms of real estate in America Allay is an italian riverside is in the top ten. Is it any wonder? You see a hundred and fifty thousand homeless people in California these days in the aftermath of covered Firefox. Unless mincing look for like a year, we just blew out the red We trust that you don't have to pay a red and it worked out just fine. That we worked so long as people. On the other hand, no, they will eventually get the rent, otherwise nobody builds new housing unit. I have friends who have stopped. into the residential real estate market, specifically because they are afraid that the government is going to start for giving mortgages and the government is going to start forgiving rent once that happens now, developer in their right mind would put money into this process. the american people are catching on. Bernie is not

was out of ignorance. Bernie is doing this because he actively believes that Utopia is right around the corner, so long as he ignores basic realities. We have introduced in sweeping housing proposal. There is no connection between he is proposing in solving the problem. Rent full itself is a bad rural policy; it makes no sense. It reduces the ability to build new housing unit. So I think the lesson that I learned is: if you have the guts to tell the truth, and people will respond and other policies run. Control has failed everywhere. It's been tried from What city to San Francisco. If you enjoyed that audio only version of debunked, you will love the video version, and this episode Is just the tip of the iceberg? Get the entire first season available right now exclusively at the daily, where show looks fantastic as a documentary feel- and there are some great big

plus in get my show notes with links and resources to all of the data used all in one place, when you remember, become a member. today- go to daily wired outcome. Slash Subscribe, used from Uncle code debunked for twenty percent off.