PLEASE READ CAREFULLY! If you are angry about the high rents in San Diego, do not impose more restrictions to real estate owners, it is NOT the answer!!!! The reason why rent prices keep skyrocking is because of a LACK OF SUPPLY! Rent control will not solve any of your problems. Data points to follow ➡️
Rent control only benefits a small number of people who have lived in a unit for a long time…. But at the expense of a much larger population of people looking to relocate or move to a new unit. (Study conducted by Harvard)
Study done by WSJ shows that rent control ONLY benefits the upper income level tenants. But makes it significantly harder for lower income tenants to find housing…
New York, San Francisco, and Los Angeles are prime examples of how rent control ruins the qualify of buildings in a city. The tenant’s quality of life get lowered because owners have no incentive to invest in their property to make it nicer.
And to make that problem worse… Rent control constantly lowers supply more and more, causing prices to increase. It’s sad to see people on waiting lists for an overpriced, old unit that hasn’t been renovated in decades.
According to SANDAG, San Diego county is over 70,000 Units behind on meeting the demand of renters who need a place to live… in 2020, 2021, and 2022, we have only built about 5,000 units per year. The City makes it almost impossible for developers to get plans through the city. It takes 2-4 years… in states like Texas and Arizona, it takes about 6 months…
To add the fuel to the fire, Rent control further reduces the amount of rental units available on the market. (Study done by UC Berkeley).
Several Economists have stated that imposing strict rent control on any city will reduce the amount of new supply being built. Real estate developers do NOT want to build where the government controls their right to operating a property how they want to.
I surveyed 25 of my clients who have owned property in San Diego county for over 20 years. 25 out of 25 owners told me that they wouldn’t increase rents every year on their tenants. After AB-1482 (rent control) came into effect, 25 out of 25 started raising rents every single year so that they don’t fall behind.
Please share this with a friend to help me educate people who do not understand how rental housing works. The solution is the Low income housing tax credit (LIHTC) Providing developers tax credits for building affordable housing is what we need.
Everyone deserves a safe and affordable unit to live. Studies conducted by several universities have proven that rent control kills the available supply in the market… Lets not make the same mistake in our city.