In October 2018, Rebecca Diamond, at the highly respected Brookings Institution, reported, “What does economic evidence tell us about the effects of rent control?” She stated that San Francisco, California, and Cambridge, Massachusetts, found out it didn’t work. Apartment owners watched their rent-controlled apartments deplete their incomes; poorly maintained units or condo conversions resulted. Any renter advantages were short-term. Renter disadvantages were long-lasting and consequential.
Rent control anticipates young, wealthy newcomers to Portland buying apartment-to-condo conversions, the next at a higher price than the last. Think gentrification. Property values will increase, followed by higher property taxes. Remaining apartment owners will have legitimate increasing costs to pass on to renters.
Will Portland officials and state government eventually fix high rents? Will Santa arrive down your chimney?
Diamond answers the rent control question. Income-depleted retirees and young, struggling renters will have the “no” on Question A voters to thank for their increasing financial hardships if A does not pass.
Robert Kahn
Portland
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