Los Angeles just voted to turn itself into a slum! Rent controls are opposed by nearly every economist, including the far left Paul Krugman…. Rent controls drive away builders from building new buildings and stop landlords from maintaining existing buildings. https://www.wsj.com/…/how-to-shrink-supply-housing-in…
“This hypocrisy is driving landlords to the breaking point,” Irma Vargas, an LA-based property manager who works with mom-and-pop landlords who rent condo units and single-family homes, said in a statement. “The city demands compliance with mandates while barring housing providers from raising rents accordingly. Who is supposed to pay for these city-imposed costs? The answer is increasingly becoming nobody, because property owners simply can’t afford to stay in business.”