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GaleTheThird t1_iuicqwh wrote

Reply to comment by contrary-contrarian in Accurate by seanner_vt2

> Rent control anyone?

Not a good policy, especially in the long run

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contrary-contrarian t1_iuiwabg wrote

Says who? Greedy landlords?

Cap rent increases to 3% annually for existing tenants.

Cap rent markup between tenants to 10%.

Enjoy a more stable rental market.

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Kiernanstrat t1_iuiyhb8 wrote

Except that you've created a situation where it is financially advantageous to get rid of current tenants. Every single lease would be for 1 year only. It would produce the opposite of stability.

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contrary-contrarian t1_iuizu7p wrote

How is that any different then now...?

This provides some limit vs. none.

It is advantageous to keep tenants because tenant turnover = admin costs.

Turning over a tenant every year is a massive pain in the butt.

I would also support banning no-cause evictions to stop what you're saying from happening (with carveouts for selling the property/owner occupancy).

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Kiernanstrat t1_iuj5a2m wrote

It wouldn't be an eviction because the lease would clearly state it is for 1 year and 1 year only. Turning over a unit would involve maybe a day of work getting a listing posted and scheduling showings then a few hours of showings. There would be no issue getting a new tenant in the current market and the situation isn't changing anytime soon. The increase in rental fees would cover these costs easily and most large landlords use a property manager anyway so little headache on their part to do that.

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thisoneisnotasbad t1_iuj8jdp wrote

Yup, spread out a month of operation costs across 12 months of rent and you don’t lose anything.

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thisoneisnotasbad t1_iuj15ru wrote

This is what Burlington’s just cause eviction will lead to. If you need a lawyer to change tenants after a year, all tenants will get a year

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tom_echo t1_iuj0za7 wrote

Certain rent control measures can/could work but it’s difficult to tune things properly.

https://www.brookings.edu/research/what-does-economic-evidence-tell-us-about-the-effects-of-rent-control/

If you cap increases then the rent always increases by that much every single year. 3% is probably very fair for a small rent increase every year.

If the profit isn’t there then no renovations will happen. Housing will become dated and the minimum maintenance to keep it up to code will be performed (which is what happens anyway in some cases).

Once in a home it’s difficult for tenants to leave because their rent is on the low end but newer leases are on the highest end of the spectrum. The landlord will try as much as possible to average it out so they receive the same (or more) income than they did before rent control.

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GaleTheThird t1_iuj1502 wrote

All rent control is going to do is make new construction of apartments less likely, which is the opposite of what you want when you're already incredibly supply constrained. You also have people incentivized to never leave their apartment (especially after being there a while), so anyone new to the area gets even more screwed.

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