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EXTRA: Why Rent Control Doesn’t Work (Update)
Freakonomics Radio
Rent Control Creates Scarcity
Rent control, while intended to assist current tenants, ultimately generates scarcity in the housing market by discouraging developers from building new properties due to imposed rental price ceilings. This leads to an inefficient allocation of housing resources, as individuals tend to overconsume space that no longer meets their needs, thus preventing others from accessing available housing. Long-term tenants may remain in larger apartments at significantly lower rents, contributing to this misallocation and highlighting the counterproductive nature of rent control policies.
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