Economical Rental Housing by Design for Communities That Work
Regulation of apartment development is misguided and has harmed workers and their employers—and thus has also harmed the local economy in general. The status quo exists because political actors created it in the belief that it would be a good system. As is often the case, such political and policy efforts had unintended consequences.
The reality is that the existing system disproportionately benefits existing homeowners, disproportionately harms workers who need economical rental housing, needlessly drives up the cost of economical rental housing, and harms the locality’s potential for economic growth.
Lower costs resulting from flexible and reduced regulations will allow the rental housing market to work roughly the same way markets for cars and hotels work: in response to supply and demand. Unleashing the creativity of developers will allow them to build market-rate, unsubsidized properties with much lower rents than can be achieved currently in the status quo.