new report: expanding rent control hurts local coffers
Expanding rent control will chill investment in new and existing housing and reduce local tax revenues by tens of millions of dollars annually, according to a new report by the state Legislative Analyst’s Office. The report adds to an already substantial body of research that has conclusively found rent control has a negative impact on the housing market. The LAO specifically focused on Proposition 10, a statewide ballot measure the Bay Area Council strongly opposes that would repeal a decades-old law restricting rent control. A recent report by the Bay Area Council Economic Institute found that expanding rent control in Alameda County would reduce housing affordability for more than 10,300 households. To engage in the Council’s housing policy work, please contact Senior Vice President Matt Regan.