Housing and rent cost too much in big cities. That means we need to get rid of antiquated zoning statutes and build, build, build. But wait:
The Federal Reserve recently determined that increases in supply won’t automatically reduce rents. New York City’s former planning director said the “more housing” theory didn’t work in practice there. Zillow data show that adding market-rate units only benefits the rich: Though rents have declined slightly for luxury rentals, rents for working people continue to rise.
This is not coming from some neoliberal shill or NIMBY die-hard. It’s coming from the progressives at the LA Tenants Union. What’s up with that?
It’s simple: the LATU wants to convince us that more construction isn’t enough. We also need rent control, which means that everyone should vote yes on Proposition 10, an initiative on the November ballot that would repeal a California law limiting rent control.
That’s good to know, I guess. But when more construction and more rent control also fail to bring down prices, I wonder what we’ll need next?