https://www.frontpagemag.com/the-delusion-of-rent-control/
George Santayana’s admonition that “those who cannot remember the past are condemned to repeat it” was apparently lost on progressive Democrats in Congress, led by Sen. Elizabeth Warren (D–Mass.) and Rep. Jamaal Bowman (D–N.Y.), who appealed to President Biden to address what they recklessly described as “corporate price gouging in the real estate sector.” In a January 9 letter to the White House, 50 members of Congress urged the administration to use various agencies to impose a nationwide program of rent control, since, as the letter asserted, “the rent is too high and millions of people across this country are struggling to stay stably housed as a result.”
What the letter writers have conveniently forgotten, of course, is that the rental housing market is still reeling from the rent and eviction moratorium questionably implemented by the Center for Disease Control (CDC) in the midst of the Covid pandemic in the form of the CARES Act Section 4024(b). As a result of that moratorium, property owners—who themselves had to continue paying mortgages, property taxes, utilities and other operating expenses—found themselves with tenants who could decide whether or not they could afford their present rent, resulting in months of losses to property owners as tenants simply refused to pay rent—whether or not they could afford to. So the “corporate price gouging” cited in the Congressional letter may simply reflect the real estate industry’s effort to begin to recoup the significant losses experienced during the moratorium.
Rent control is not a rent moratorium, but it does reward tenants and punish rental property owners by a process euphemistically defined as “rent stabilization,” but which is actually a government attempt to control what rent a private property owner can receive from a tenant, with the assumption that private landlords can, and should, provide affordable housing to needy renters by absorbing losses forced on them in what should be an unencumbered marketplace.