The progressive’s “preferred two-pronged housing approach . . . is government-owned real estate plus restrictions on private-sector developers,” notes Reason magazine’s Matt Welch writes in the Los Angeles Times, but this strategy will only “make a bad problem worse.”
Though California cities spend hundreds of millions of dollars trying to subsidize “affordable” housing, Welch notes, that money has only helped build 5 percent of the new homes constructed in the state. This is a mere “a rounding error in the total supply of housing stock.”
Meanwhile, high developer fees, lengthy permitting processes, rent control, and statutory limits on housing growth in some cities all do far more to make housing unaffordable than subsidized housing does to make it affordable. Welch cites Paul Krugman saying, “The analysis of rent control is among the best-understood issues in all of economics, and — among economists, anyway–one of the least controversial. In 1992, a poll of the American Economic Assn. found 93% of its members agreeing that ‘a ceiling on rents reduces the quality and quantity of housing.'”
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