Cato Daily Podcast
Bernie Sanders and the Disastrous Rent Control Plan
Feb 4, 2020
Bernie Sanders endorses a national rent control policy despite economists' consensus on its harmful effects. Ryan Bourne discusses the consequences on renters, housing prices, and housing stock. They analyze Bernie's plan, addressing market conditions and tenants' ability to pay.
11:46
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Quick takeaways
- Bernie Sanders' proposed rent control policy seeks to limit rent increases by a restrictive amount, reflecting a belief that high rents indicate landlord greed rather than supply and demand dynamics.
- Rent control laws can lead to reduced construction in high-demand areas, decreased maintenance on rental properties, and potentially a rise in gray or black market rentals.
Deep dives
Restrictive Rent Control Proposal by Bernie Sanders
Bernie Sanders' proposed rent control policy seeks to limit the annual rent increases by one and a half times the inflation rate or 3%, whichever is higher. This would be an extremely restrictive price control, with rent increases capped at around three and a half percent per year. It is even more restrictive than rent control laws recently implemented in California and Oregon. Sanders aims to limit rent increases broadly, without exemptions for new buildings or property improvements. The proposal reflects a belief that high rents indicate landlord greed rather than supply and demand dynamics.
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