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The Monterey metropolis authorities is strolling its residents right into a horrible mess. After I attended the Might 30 assembly through which we mentioned its proposed obligatory lease registry, I talked briefly to Mayor Tyller Williamson. I advised him that economists are nearly unanimous of their view that lease controls trigger shortages of housing, trigger landlords to chop down on upkeep, and discourage new building.
He replied that he doesn’t advocate lease management however, as an alternative, favors what he referred to as “lease stabilization.”
It’s a distinction with out a distinction. Lease stabilization is solely a type of lease management as a result of it’s a authorities restrict on rents.
The obligatory lease registry that the Monterey metropolis council is about to vote for would be the first step to lease management. I don’t know if the mayor will remorse it however lots of people in Monterey will.
David R. Henderson
Analysis Fellow
Hoover Establishment
Right here’s the 7 hour assembly at which the rental registry was mentioned and voted for.
One of many metropolis council members, Alan Haffa, with whom I had carried on a civil electronic mail dialogue early within the week, voted for the registry after admitting loads of the issues. Discover what he says at concerning the 5:22:43 level:
These of you who’re professionals know what the costs are, you already know what rents are, however your purchasers, your tenants could not. So you may have the knowledge however they don’t.
I wrote him this morning and requested him how the tenants handle to fill out their month-to-month lease verify with out understanding the rents. He has not acquired again to me.
The pic above reveals the consequences of long-term lease management within the South Bronx. It started as a short lived measure throughout World Struggle II.
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