Ideas that start on the progressive fringes have a way of becoming government policy these days, as President Biden’s $400 billion student loan cancellation shows. Lo, Democrats in Congress are now pressing the President to impose rent control nationwide.
The White House is considering a series of executive actions that are ostensibly intended to protect tenants. Rents on average increased 17.6% in 2021 and another 3.8% last year. One culprit was near-zero interest rates while they lasted, which inflated housing prices and made it harder for young people to buy a home. The result: More demand for rental housing.