In 2012 the IGM Forum polled some economists about rent control. Each economist was asked to agree or disagree that rent control promotes affordable housing, and to state the degree of confidence, on a scale of 1 to 10, he invested in his response. Weighted for confidence, 95 percent of the economists disagreed, four percent felt unsure, and one percent agreed. Support for rent control received one vote, with a confidence of 3.
Nobel laureate Angus Deaton, a dedicated analyst of the causes of poverty, voted “strongly disagree,” confidence 9. Richard Thaler, another Nobel Prize winner, likened rent control to geocentrism.
In 1995 California barred cities from imposing rent control on houses or new apartments. This November Californians will vote on Proposition 10, a repeal of that ban. California’s ruling party asked its executive board whether to endorse the measure. Ninety-five percent said yes. Continue reading “Wake Up, California Millennials: Rent Control is a Generational Con Game”