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

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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

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 Furman Center Mark.Willis@nyu.edu
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
The Policy ▪ Who to Regulate ▪ How to Regulate ▪ Rate-Setting Mechanism ▪ Caps ▪ Catch-ups ▪ Implementation, Tracking, and Enforcement ▪ Other Tenant Protections
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 occupants and costs for unregulated/future renters ▪ Incentivizes condo conversions ▪ Reduces size of rental stock; raises unregulated rents
The Tradeoffs ▪ Preserving Affordable Rents ▪ Tenant Stability/Mobility ▪ Housing Quality/Allocation ▪ Housing Supply/Economic Evolution

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