Is it possible to keep the rent under control?

Is it possible to keep the rent under control?

Research shows that rent control is a short-term solution that creates long-term problems. Florida Realtors filed a lawsuit against Orange County to block the corresponding offer. Florida needs more rental units in many cities. The problem was caused by a number of factors, including the large influx of new residents during the pandemic and the rising cost of construction materials. On August 9, Orange County barely accepted the proposed referendum with a split decision; if approved, it would result in a local rent control decree. Florida Realtors, along with the Florida Apartment Association, filed a lawsuit against Orange County to block this proposal from being included in the November bulletin. Margie Grant, CEO at Florida Realtors, says: “Florida Realtors has long advocated affordable housing. Research shows that rent control has unintended consequences that can exacerbate the situation. A better solution would be to create a public-private partnership that would help create more affordable housing units.” According to the Brookings Institution, “While rent control appears to help current tenants in the short term, in the long term it reduces accessibility, promotes gentrification, and creates negative side-effects for neighboring communities.” Benefits for few people are short-term, but over time they exacerbate the problem of supply and demand.

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