CATO Institute Weighs in on Oregon Rent Control Bill
As the bill to implement statewide rent control in Oregon moved quickly through the state legislature, Ryan Bourne of the CATO Institute assessed the implications.
“This sort of legislation is, in the longer term, likely to please nobody,” Bourne writes.
“In markets where demand for rental property is growing rapidly relative to supply, the controls will bind and bring the negative effects we’ve seen from rent control historically: reduced incentive to bring new supply to market (and so rising underlying market prices), a misallocation of properties, a lock-in of tenants reducing labor mobility, and a worsening in the quality of properties available.”
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