An editorial in this morning's LAT laments the decrease in rent "stabilized" (the Marxist-Leninist term for price controls) apartments in LA city. The controls only apply to pre-1979 buildings and also to new buildings if the older ones are demolished and rebuilt and rented out less than 5 years after renters are evicted. If a landlord waits five years and then rents after rebuilding, the apartments are no longer rent controlled. Now a landlord can rebuild and rent some units out at market prices if he has some "affordable" units for rent.
LAT editorials usually have a libertarian streak when it comes to markets but here they seem to be concerned that the "stock" of rent controlled units is dwindling. Price controls are never a good idea. They always result in shortages and other unintended consequences.
For example, the LA city council (which is filled with disciples of Joseph Stalin) constantly bitch and moan about 'condo conversions', that is, rentals ceasing to be rentals and going up for sale as homes. Why the hell do they think this happens? Could it have anything to do with rent control?
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ALL HAIL PRESIDENT OBAMA!!
ALL HAIL PRESIDENT OBAMA!!
Quotes
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen." --Samuel Adams
"The Republican Party is the ship, the rest is the sea."--Frederick Douglass
"There are only two sides to the question. Every man must be for the United States or against it. There can be no neutrals in this war, only patriots--or traitors."-Stephen Douglas (1861 after the fall of Fort Sumter)
"I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible."-Milton Friedman
"But the LORD is with me as a dread warrior; therefore my persecutors will stumble, they will not overcome me. They will be greatly shamed, for they will not succeed. Their eternal dishonor will never be forgotten. O LORD of hosts, who triest the righteous, who seest the heart and the mind, let me see thy vengeance upon them, for to thee have I committed my cause."-Book Of Jeremiah
"The Republican Party is the ship, the rest is the sea."--Frederick Douglass
"There are only two sides to the question. Every man must be for the United States or against it. There can be no neutrals in this war, only patriots--or traitors."-Stephen Douglas (1861 after the fall of Fort Sumter)
"I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible."-Milton Friedman
"But the LORD is with me as a dread warrior; therefore my persecutors will stumble, they will not overcome me. They will be greatly shamed, for they will not succeed. Their eternal dishonor will never be forgotten. O LORD of hosts, who triest the righteous, who seest the heart and the mind, let me see thy vengeance upon them, for to thee have I committed my cause."-Book Of Jeremiah
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