Rent-control initiative could obliterate state housing markets

SACRAMENTO — “In many cases rent control appears to be the most efficient technique presently known to destroy a city — except for bombing,” opined Swedish economist Assar Lindbeck. He’s right on target given that rent control destroys housing markets because it takes away the incentive to build new apartments, reduces the willingness of landlords to upgrade and maintain their properties, and encourages tenants to squat indefinitely in their below-market units.

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