by José Niño
Everyone wants affordable housing, but how far will they go to attain it?
For some, housing affordability is such a pressing issue that they will entrust politicians with the duty of providing it through legislation. Rent control is one of the oldest tricks politicians can pull out of their magic hats to demonstrate to the public that they’re getting to the bottom of the housing affordability crisis.
At its core, rent control consists of a government-imposed ceiling on residential rental rates within a given jurisdiction. Thirty-seven states in the country preempt or prohibit rent control. On the other hand, states like New Jersey, Maryland, California, Oregon, and New York have localities that permit some form of residential rent control. However, the latter three states pushed the legislative envelope last year.