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Everything but freezing rents! Freezing rents literally destroyed Portuguese city fabric and renting market during that time: landlords didn't want to rent mor
by galfarragem 8y ago
Everything but freezing rents!
Freezing rents literally destroyed Portuguese city fabric and renting market during that time: landlords didn't want to rent more houses neither repair the rented ones. Until recently wasn't uncommon to have old people renting a flat in Lisbon city center for 20€.
- ip26 8y agoI wonder if cities that freeze rents also freeze property taxes?
- manfredo 8y agoSome do. California froze property taxes state wide. Many cities then instituted price controls on rents. The result is prices over $10 per square foot in cities like San Francisco. Rent control means that renters have a big incentive not to move to different apartments. I've even heard stories of people continuing to rent their places after they've moved to different cities so that they can keep the same rents if they ever move back to San Francisco. Freezes on property taxes means that homeowners try to hold onto their home as long as possible. Because many home owners invest a big portion of their net worth into their house, they are often very adverse to anything that might make home values go down (like building more housing). Frozen rents + frozen property taxes = extremely high rents due to little supply of housing