The underlying problem, locally and nationwide, is a shortage of housing units, which results from the fallout of the "great recession" of 2008 and will continue for probably another 8-10 years.
The type of measures that the legislature and city council have taken will not fix this problem. Only the private sector can do that. And in fact, these measures will predictably slow the recovery by making housing investments unattractive.
For instance, the rent control measures reported here will reduce the number of rental units because some small landlords will sell their rental houses. These houses will then become owner-occupied housing, resulting in fewer rental units and therefore more pain for renters.
Our elected officials focus only on housing costs. Why not focus on income? They could raise the minimum wage and move many renters out of financial trouble. Or they could provide rental assistance to those who need it, like the federal program administered by the Housing Authority. Need-based assistance would be so much more efficient than the across-the-board measures reported here which are subsidizing wealthy renters as well as poor ones.
It is dispiriting to watch this.
Bob Jacobs
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