(Everywhere!)
The world is in a housing crisis.
We can demand city government caps the rents lower than predatory inflated "market rate", often the mantra by rental property owners for shrugging off moral responsibility for price-gouging, while effectively operating as cartels. Housing is an essential service and the majority should NOT be for profit.
These caps could be set at affordable prices calculated based on average tenant income in each housing category, and the true financial overhead of the owners.
These caps could be placed on older housing (E.g. ~15-25 years), to retain incentives to new construction projects recouping investments. Even if new housing is expensive, that's already the case.
The benefits to lowered caps are numerous and would be overwhelmingly positive:
Counteract the destructive price-gouging and increasing cartel dynamics in rental housing markets, in a city with record homelessness.
Increased spending power for most renters, immediately benefiting the entire economy.
Existing wages at startups and small businesses go farther for employees, and aid business growth.
Lowered profit motive for landlords, which will encourage owners to sell homes and units to locals who will actually live in them (including into cooperatives and community land trusts).
(Caps could also be done on commercial rents).
Similar proven measures have been notably beneficial in Berlin, Germany, and elsewhere.
In addition to:
-More public housing.
-Eminent domain public buyouts of private rentals, converting them into affordable public housing.
-More legal and grant/loan support for cooperatives and community land trusts.
-Limits on ownership for individuals and associated companies.
-Vacancy taxes that scale up over time.
-Additional AirBnB and short term rental regulations.
Austria: Housing Crisis: How One City SOLVED Their Rent Nightmare | Breaking Points
Details on the specifics for proposed legislation are currently being explored and collaboratively discussed.
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