this post was submitted on 13 Jun 2023
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Would like to buy, but many properties are over priced, interest rates aren't favorable, and don't have the money for the required down payment, so stuck renting, and landlords/leasing agents are taking advantage. We need rent control.
We need landlord control. Y'know, like pest control.
Duluth, Minnesota, tried to do some control for absent landlords, requiring that landlords live within or have a representative within X miles of the rental. Unfortunately, all that did was make management companies more overbearing when owners turned to them to be the local contact.
Unfortunately, rent control does have issues in the long run. Less profit for landlords does mean less money invested in new construction by people looking to make a profit. Less new construction eventually leads to shortages. It's great for those who already have housing, but those searching for a place to live have it more difficult under strict rent control. Though with how long construction projects take from planning to opening, this effect takes decades for any change to be noticeable.
We need more housing.