Second, I think you misunderstood me. I’m advocating for removing their profits almost entirely, or at least the portion of profits attributed to the increase in land value that they had no part in improving.
I just think that rent controls are a stupid way to attempt to do it because they don’t apply to new units and they often have loopholes. Rent controls can also exacerbate the problem where new units get rented for much higher prices, to try to compensate for the fact that they won’t be able to increase them over time. There definitely isn’t enough supply to stop that issue happening.
First, it’s Cited, not Sited.
Second, I think you misunderstood me. I’m advocating for removing their profits almost entirely, or at least the portion of profits attributed to the increase in land value that they had no part in improving.
I just think that rent controls are a stupid way to attempt to do it because they don’t apply to new units and they often have loopholes. Rent controls can also exacerbate the problem where new units get rented for much higher prices, to try to compensate for the fact that they won’t be able to increase them over time. There definitely isn’t enough supply to stop that issue happening.