Hi First name / friend,
Thank you for your patience – I took a bit of an unexpected break from the newsletter, but I’m back and feeling stronger for it.
This week’s topic is one I’m honestly kind of afraid to write about because it’s a controversial one. In a continuation from my last letter on tenant rights, we’re talking about rent control, which you may also hear called rent stabilization or rent regulation — there’s some nuance here, but I’m going to use the terms interchangeably.
What it is: A government-imposed limit on the amount a landlord can charge for rent. Usually that includes a cap on the increase of rent year-over-year, or the amount rent can increase when a new lease is signed. Policies can vary a lot, though!
How it helps: As early Covid renter protections, like moratoria on evictions and rent increases, expired, I heard wild stories of rent increasing by massive amounts, in some instances of
more than 50% in the DC region. Rent control gives tenants more predictable fixed costs, often at below market rates.
The controversy: Rent control is limited – in DC it usually applies to multifamily buildings with more than four units constructed before 1975 – and thus the policy does not improve our overall housing affordability crisis. It may also encourage landlords to convert their rental buildings into condos, which kind of defeats the intended purpose of preserving existing affordable housing; that said, there’s really not a ton of decisive research on rent control.
Why it’s good anyway: Rent control can help prevent or slow displacement. It gives low-income people especially a sense of stability that is so deeply needed in rapidly changing (ahem, gentrifying) cities like DC. If you want to read more on that, I still like
this piece that Jerusalem Demsas wrote in 2021.
Personally, I think rent control is a good thing. It’s far from the only or even the best tool to make housing more affordable, but it’s an important one nonetheless.
Until next time,
Dominique
