Rent Control and the Housing Supply Crisis Join the - - PowerPoint PPT Presentation

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Jan 17, 2023 113 likes •190 views

Rent Control and the Housing Supply Crisis Join the #Solutions2019 conversation! #HousingtotheHill Rent Control and the Housing Supply Crisis 2019 Solutions for Affordable Housing December 3, 2019 Mark A. Willis Senior Policy Fellow NYU

SLIDE 1

Rent Control

and the

Housing Supply Crisis

Join the conversation!

#Solutions2019 #HousingtotheHill

SLIDE 2

Rent Control and the Housing Supply Crisis

2019 Solutions for Affordable Housing December 3, 2019

Mark A. Willis Senior Policy Fellow NYU Furman Center Mark.Willis@nyu.edu

SLIDE 3

The Politics

Tenants

▪ Demand Pressure Increasing Housing

Instability and Cost

▪ Provides Affordability and Stability Benefits for

Current Residents (i.e. constituents)

▪ Budget Neutral

Developers/Owners

▪ High Profile Bad Actors ▪ Apparent Windfalls

SLIDE 4

The Policy

▪ Who to Regulate ▪ How to Regulate

▪ Rate-Setting Mechanism ▪ Caps ▪ Catch-ups

▪ Implementation, Tracking, and

Enforcement

▪ Other Tenant Protections

SLIDE 5

Research

▪ Evidence from NYC shows longer tenures,

particularly in more desirable neighborhoods

▪ Research from San Francisco(Diamond,

McQuade) finds that rent regulation:

▪ Produces offsetting benefits for current

ccupants and costs for unregulated/future

renters

▪ Incentivizes condo conversions ▪ Reduces size of rental stock; raises unregulated

rents

SLIDE 6

The Tradeoffs

▪ Preserving Affordable Rents ▪ Tenant Stability/Mobility ▪ Housing Quality/Allocation ▪ Housing Supply/Economic Evolution