Ep. 475: Rent control: A blunt tool
Guest: David Hutniak, CEO of Landlord BC
Housing affordability is a North American-wide issue.
In the U.S., only seven states and Washington, D.C. have imposed rent controls as a measure to address housing affordability. Only seven states – largely because it is believed they don't work. In a poll conducted by the American Economic Association, 93% of its members agreed that a ceiling on rent controls reduces the quality and quantity of housing.
David Hutniak, the CEO of Landlord B.C., in a recent letter to Premier Eby, said, “Rent control is a flagship political tool and a promise that is far more complex than it first appears. It is not the comprehensive form of tenant protection it is billed to be. It is commonly accepted that rent controls benefit current tenants. It does so at the expense of future ones.”
Hutniak further pointed out that rent control is a blunt tool that continually delivers negative blows to the British Columbian rental housing market. Tenants and landlords both want a balanced rental market. Hutniak adds, “When the provincial government continues to penalize landlords for a problem created by all three levels of government, landlords and developers are less inclined to grow their businesses [and] less likely to build new rental housing.” The result is a reduction in the supply of housing.
We invited David Hutniak of Landlord B.C. to join us for a Conversation That Matters about effective ways to create affordable rental housing.
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