Frederic Sautet
Over the summer, I lectured at the Institute for Humane Studies Poverty and Prosperity seminar, which took place at the University of Berkeley. As we were walking on College Avenue (if my memory is correct), I saw a poster from the Berkeley's Rent Stabilization Board (yes, it does exist) advertising the virtues of rent control. In case you thought rent control was an issue of the 60s and 70s and it had virtually disappeared from the policy scene, well, think again... It is still alive and well in Berkeley. (And to my knowledge in NYC and a few other places.)
And here is the group (from left to right Scott Beaulier, moi, Bethany Kitchen, Mario Villarreal, Susan Love Brown, Andrew Cohen, and Kelly O'Keefe. Elisabeth McCaffrey took the pictures. Thanks Liz!):
Nice.
Here's the piece on economists' published-judgments mostly reaching a conclusion on rent control (by Blair Jenkins):
http://www.aier.org/ejw/archive/do-economists-reach-a-conclusion/doc_view/4021-ejw-200901?tmpl=component&format=raw
Posted by: Daniel Klein | August 31, 2009 at 06:24 PM
A really good film showing the evil of such coercion is Pacific Heights, starring Matthew Modine, Melanie Griffith, and Michael Keaton. Takes place in SF. Modine and Griffith are a couple who shift out the housing supply curve, but Keaton is a scam artist who knows how to work the intervenionism so as to expropriate their property.
Highly recommended. Totally Higgsian on the attenuation of property. Big G is worse than worthless.
If I remember correctly, the happy ending comes by way of private justice.
Posted by: Daniel Klein | August 31, 2009 at 06:30 PM
Santa Monica also has rent control.
Posted by: Greg Ransom | August 31, 2009 at 10:05 PM
Is Kelly O'Keefe a nonconformist or does she approve of the sign? (No thumbs-down.)
Posted by: Bob Murphy | August 31, 2009 at 11:29 PM
Rent regulation (two separate regimes, rent control and rent stabilization) is actually a state program in New York and not confined to NYC. There are rent-regulated properties in Buffalo and other upstate cities.
Cheers...
Posted by: KipEsquire | September 01, 2009 at 09:06 AM
You should be kinder in your gestures. I don't think the woman pictured on the advertisement (?) is that unattractive.
Posted by: Mario Rizzo | September 01, 2009 at 09:48 AM
Eileen Norcross published a very good article in the WSJ last year on the economics and politics of rent control in NYC. See here:
http://online.wsj.com/article_email/SB122126309241530485-lMyQjAxMDI5MjAxMTIwNjEzWj.html
Posted by: Frederic Sautet | September 01, 2009 at 11:06 AM
That's just crazy.
Posted by: ukrainewatch.blogspot.com | September 01, 2009 at 03:54 PM
Swedish economist Assar Lindbeck said that "In many cases rent control appears to be the most efficient technique presently known to destroy a city". The city councils of Berkeley and Santa Monica should be required to take ECON 101!
Posted by: Leo Krasnozhon | September 01, 2009 at 06:27 PM
I vaguely remember an article about a decade ago by a world famous author, quite wealthy.
She was enraged because NY had removed rent control protection for those making over $250K/year. She had been paying almost nothing for twenty years.
Sorry, I have forgotten who she was, and other details.
Various rent controls are not that rare. Los Angeles has a weak form.
With some unease, I think stabilization can be justified.
i.e. rents can rise, but not very fast.
The fact is that city landlords sometimes reap windfalls because the city creates a subway or new park or otherwise greatly boosts a given area. The landlord has not paid for those improvements and current renters should not be heavily penalized for them.
Posted by: K | September 03, 2009 at 02:53 AM
Is a couple of years now a "longtime"? This woman can't be more than 30.
Show us a fat, ugly 80 yo woman and see how many sympathizers the rent stabilization board has?
How about a counter-ad campaign... show some hot blonde and in an "unseen" moment have her point out that rent stabilization kept her out of many apartments, even though she could've afforded to pay.
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Took me time to read all the comments, but I enjoyed the article.
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