Rent Control Economics

What the economics of rent control show and what the libertarian analysis produces

The Economics

The economics of rent control -- the specific effect of legal limits on the rent that landlords can charge on the supply of rental housing and the allocation of the existing rental housing supply -- is one of the most studied and most consistently misunderstood policy questions in housing economics. The research is unusually consistent across political perspectives: rent control reduces the supply of rental housing available to the uncontrolled market.

The Research

The research: the landmark San Francisco rent control study by Diamond, McQuade, and Qian found that rent-controlled buildings had a 15 percent higher probability of being converted to condos or owner-occupied units than comparable buildings outside rent control, reducing the rental housing supply by approximately 15 percent in the controlled market. The welfare analysis: rent control transfers substantial wealth from landlords to the specific tenants who occupy controlled units and reduces the housing access of the uncontrolled market tenants who cannot access those units.

Surf Revolt Coverage

Surf Revolt covers rent control economics because the accountability journalism of housing policy requires engaging honestly with the evidence on what the policy produces, and because the libertarian housing supply argument requires addressing the most popular alternative policy proposal on its specific merits.

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