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Biden's rent-control plan will only make America’s housing crisis worse

Published

20 mins ago

July 22, 2024

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Biden's rent-control plan will only make America’s housing crisis worse

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President Joe Biden is suggesting that a federal limit on annual rent increases in residential units will ease housing costs. This is what happens when economist Milton Friedman isn’t “running the show”: Policymakers follow ideas that make the problem they say they’re solving infinitely worse.

“While the prior administration gave special tax breaks to corporate landlords, I’m working to lower housing costs for families,” Biden said Tuesday. He urged congressional Republicans to “join Democrats to pass my plan to lower housing costs for Americans,” in which corporate owners would have “a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks.”

If he had only looked west, he would have seen the damage caused by rent-control policies in California.

BIDEN UNVEILS PLAN TO CAP NATIONAL RENT INCREASES AT 5%

California is one of the most rent-controlled states in the country. Even though more than a dozen cities have some type of law that limits how much owners can increase rental rates, it is going through a resurgence of anti-landlord rules, which is sure to spike even higher if voters approve a measure on the November ballot that repeals state limits on rent control.

President Joe Biden proposed national rent control, which has already failed locally, especially in California. (AP Photo/Susan Walsh)

While common sense tells us that rent control laws are counterproductive, it’s clear that lawmakers often miss the obvious. For those, and for the activists who believe rent ceilings are beneficial, we have data.

For instance, a 2019 study by the American Economic Association found that San Francisco landlords “treated by rent control” reduced “rental housing supplies by 15% by selling to owner-occupants and redeveloping buildings,” which “likely drove up market rents in the long run, ultimately undermining the goals of” the city’s 1994 ballot initiative.

The authors noted that “a substantial body of economic research has warned about potential negative efficiency consequences of limiting rent increases below market rates.” Those consequences include the “overconsumption of housing by tenants of rent-controlled apartments”; the misallocation of housing; “negative spillovers onto neighboring housing” that lower “the amenity value of these neighborhoods and mak(e) them less desirable places to live”; and “neglect of required maintenance” – because who’s going to pour money into an asset when the law cuts into the return on that investment?

Rent control in Berkeley in the late 1970s created a large-scale dislocation because “a large number of University of California-Berkeley students simply stayed in their apartments long after graduation,” says economics professor William L. Anderson. The result was a “massive shortage of housing for new students, who then had to look for housing in nearby cities like Oakland.”

A two-decade study by California State University, Sacramento and the Sacramento Regional Research Institute discovered that rent control laws in Berkeley and Santa Monica reduced the supply of rental housing by nearly 7.5% in the former and more than 8.7% in the latter.

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Over that period, the number of college-age students living in Berkeley fell by almost 11%, while in Santa Monica, “formerly a haven for UCLA students,” the college-age student population dropped more than 50%.

In California’s biggest city, rent control has so skewed the housing market that property owners are offering tenants large sums of money, in some cases as high as six figures, as an incentive to move out. The hardship of rent control is forcing owners to make difficult decisions about their properties. Sometimes, the only options are demolishing their units and using the real estate for other purposes because they cannot afford to continue leasing their property.

While common sense tells us that rent control laws are counterproductive, it’s clear that lawmakers often miss the obvious. For those, and for the activists who believe rent ceilings are beneficial, we have data.

Even the state’s own nonpartisan fiscal and policy adviser has warned lawmakers of the negative consequences of rent control. In a 2016 report, the Legislative Analyst’s Office said rent-control laws fail to “increase the supply of housing and, in fact, likely would discourage new construction,” which is perpetually needed in California to drive housing down to more affordable prices.

During the 2020 presidential campaign, Biden said “Milton Friedman isn’t running the show anymore,” in an interview in which he said the next federal pandemic stimulus needed to be “a hell of a lot bigger” than the $2 trillion CARES Act that had just passed.

Friedman was a brilliant economist who would have bristled at the ease in which today’s lawmakers spend other people’s money. But he never ran whatever show Biden had in mind, though he did, as economist Stephen Moore has said, have “a profound impact on major policy decisions.” Biden would be wise to follow the advice that Friedman freely gave during his life, but he instead has chosen to take California foolishness national.

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San Francisco, CA

LIVE: SF Democratic leaders hold rally in support of VP Kamala Harris for presidential nominee

Published

2 hours ago

July 22, 2024

Press Room

LIVE: SF Democratic leaders hold rally in support of VP Kamala Harris for presidential nominee

SAN FRANCISCO (KGO) — San Francisco Democratic leaders are wasting no time letting the country know that the city has the back of Kamala Harris as she becomes the favorite to win the Democratic nomination.

Monday morning, they plan to hold a rally for Vice President Harris at San Francisco City Hall, the same place where her political career began.

Support is growing for Vice President Kamala Harris as she becomes the favorite to win the Democratic nomination.

Harris was the first woman to ever serve as the city’s district attorney.

Speakers at the rally will include Mayor London Breed, City Attorney David Chiu, and members of the city’s Democratic Party.

Supporters and former advisers of hers are already mobilizing efforts to get voters to chose her come November.

LIVE UPDATES: Joe Biden drops out of 2024 Presidential Election

Now, the Bay Area native has a chance to become the first woman, first Black woman and first South Asian woman to become president of the United States.

Both President Joe Biden and other top Democrats have endorsed her to become the party’s nominee.

“We are living through history right now. As someone who’s followed this stuff for a long time, I have never seen anything like these last few weeks,” said Jason McDaniel, political science professor as San Francisco State University.

McDaniel said voters of each party just want to win the election. And with Vice President Harris, he said the Democrats see her as their best chance instead of the current president.

“I think Biden’s performance at the debate made it clear to a lot of Democrats he was not going to be able to prosecute this campaign against Trump, so to speak, and give the party a chance of winning elections. And it became inevitable at the end of this week, he was going to have to step aside,” McDaniel said.

Who could Kamala Harris pick as VP if she wins the Democratic nomination?

Now support is growing for the vice president.

“I have nothing but respect and admiration, and her story is America’s story,” said Rep. Mark DeSaulnier of Walnut Creek.

“I have known this woman for more than 30 years, and she is very, very capable,” said Rep. John Garamendi of Vallejo.

Supporters and former advisers of hers are already mobilizing efforts to get voters to choose her come November.

“First of all, investing in field organizing. Investing in organizers that’ll not just go to the cities, but the rural communities across this county, especially in battleground states,” said Harini Krishnan, director of South Asians for Harris.

VIDEO: Watch Kamala Harris’ journey from Berkeley to be 1st Black, Asian woman elected to vice presidency

“Kamala Harris: To Be The First” details her journey of hope from Berkeley to Washington, where she will soon begin a new chapter as the first Black and Asian woman elected vice president of the United States.

This includes members of Emerge, a group co-founded by the vice president designed to get more women elected.

“Her having been a DA, an Attorney General, being a United States senator, being our vice president, it does make sense that she would be the next one we see to be a candidate for president of the United States,” said A’shanti Gholar, president of Emerge.

The Democratic Convention is less than a month away. McDaniel envisions the party that was divided over its candidate will unify around the vice president.

“I think you are going to see a lot of fundraising for her. You will see a lot of voters donating to her because the fear of a Donald Trump will unite Democrats, and I think that is the most important thing,” McDaniel said.

Vice President Harris says she plans on winning the nomination.

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Denver, CO

Denver weather: Getting warmer, drier in Colorado — but watch out for wildfire smoke along Front Range

Published

2 hours ago

July 22, 2024

Press Room

Denver weather: Getting warmer, drier in Colorado — but watch out for wildfire smoke along Front Range

A warming and drying trend is taking hold across Colorado as a new week begins, with temperatures heading back into the 90s and drifting Canadian wildfire smoke boosting ozone levels on the northern Front Range until at least 4 p.m. Monday.

State health and air quality officials issued an ozone action day alert late Sunday that will stretch into late today, covering Douglas County north to Larimer and Weld counties, including the metro area, Fort Collins and Greeley. Ozone concentrations are expected to be at an unhealthy level for sensitive groups and visibility may be poor.

People in that category should consider reducing prolonged or heavy exertion Monday.

Otherwise, the forecast for the week looks delightfully summer-like, according to the National Weather Service. Temperatures are expected to top out at 84 degrees Monday, and drop to a comfortable 59 at night, with sunny skies and light winds. There is a 10% chance of showers and thunderstorms after 3 p.m.

Tuesday temperatures will rise to 89 degrees during the day, with clear skies and areas of smoke before noon. Nighttime temperatures will descend to 61.

Then look for more seasonal temperatures starting Wednesday, with highs near 94 degrees that day. Thursday gets up to 97 degrees and Friday checks in one degree cooler for a high. This weekend’s highs will drop back to the lower 90s with more chances of showers and thunderstorms.

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Seattle, WA

Here’s Why Sunday’s Win Over the Houston Astros Was So Crucial For Seattle Mariners

Published

2 hours ago

July 22, 2024

Press Room

Here’s Why Sunday’s Win Over the Houston Astros Was So Crucial For Seattle Mariners

The Seattle Mariners beat the Houston Astros 6-4 on Sunday afternoon to snap a brutal five-game losing streak. Furthermore, the win also moved the Mariners back into a virtual tie with the Astros for first place in the American League West.

But there’s another reason why the win on Sunday was so crucial: It moved the M’s one win closer to having the season-long tiebreaker with the Astros, which would be huge if the two teams finished tied in the West.

Through 10 matchups this season, the Mariners are 6-4 against the Astros. As long as they don’t get swept in the final series of the year between the two (in Houston), the M’s will finish with the tiebreaker in hand and will have a one-game grace the rest of the way.

Given how the Mariners have played over the last month – and how the Astros have played – that one game could end up being a huge difference. According to Tankathon, the Mariners still have the fifth-easiest schedule remaining for the rest of the year, so the hope is that they can exploit that and make tiebreaking scenarios not matter much.

The tiebreakers mattered as recently as last year, when the Astros and Texas Rangers both finished at 90-72. The Astros won the division based on tiebreakers, so this absolutely is a big deal moving forward.

The Mariners are 53-48 and will be back in action on Monday night when they start a three-game series at home against the Los Angeles Angels, who they just lost three of four to in LA last week.

NEW PODCAST EPISODE IS OUT: The fourth episode of the “Refuse to Lose” podcast is now out! In this episode, we discuss how the Mariners can beat the Astros, what they need to not do in the series, Andres Munoz not getting in the All-Star Game and more, including our interview with Bryant Robinson, who directed the Julio Rodriguez documentary that recently aired on FS1. CLICK HERE:

HOPING FOR JULIO: Julio Rodriguez left the game on Sunday with a scary looking ankle injury, but initial reports are good. Here’s the latest. CLICK HERE:

THANKS FOR EVERYTHING, TY: After the game on Sunday, the Mariners made a shocking decision with former All-Star Ty France. Here’s the latest, and what happens next. CLICK HERE:

Continue to follow our Inside the Mariners coverage on social media by liking us on Facebook and by following Teren Kowatsch and Brady Farkas on “X” @Teren_Kowatsch and @wdevradiobrady. You can subscribe to the “Refuse to Lose” podcast by clicking HERE:

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