|Rent Control||rev. 04.16.2009||Back to Lessons List|
From Whiskey & Gunpowder, 06.03.2005
[ quoting statements by Milton Friedman (as listed by the Adam Smith Institute) ]
"Rent controls have the opposite effect to those intended. Rental property becomes less profitable and is taken off the market. Instead of delivering cheap housing for all, the controls actually produce a chronic shortage"
Yet cities continue to do this stupid thing, over and over, and wonder why there's a shortage, after "all their efforts at rent control" to alleviate the shortage.