Or naturally constrained, it doesn't have to be artificially constrained.
I am open-minded on rent control. I agree with your sentiment here, but it seems like the trade off for not having rent control then becomes as a society we have to be willing to accept people becoming homeless because of changes in rent prices like this.
In many cases, rent gets raised by $500 for the unit to be vacant so the landlord can claim to have $500 more in revenue per month (and get loans on that).
In some parts of the country - you have >50% of units in large population centers owned and/or operated by just a few companies.
Like KSA reducing oil supply by 10% to increase prices 5% - sometimes strange things make sense when you have a cartel.
In SF, I had many friends have their rent raised by 10% - move out - the unit sit vacant for 6 months, and then the price reduced back to what it was and still be vacant.
I wouldn't assume any time landlords are raising prices - it's because they had a bidding war on the unit and someone's paying more.
The shortage is more demand driven than people want to acknowledge and so we can’t even begin to solve the problem since it’s not accurately defined. It’s a demand issue, so the solution has become price increases. There will never be enough houses in Malibu to meet the world’s demand and have those houses also be affordable. If we let millions of new demanders into the market each year, prices have to rise because you can’t fit the worlds population in Malibu.
That’s more of a capitalist solution than a real solution. Instead of building additional housing we just move the access from millions via price increases.
We can resolve it by creating more supply, we already do by way of copious amounts of cheap plastic home goods that flood the purchasing landscape.
In plenty of countries, you can fight rent increases if you feel they're not justified.
As opposed to someone willing to sacrifice their health by working multiple jobs to live in a such a place.
Rent control works, the problem is we don’t build enough homes to resolve the “not enough” problem. The construction industry is working skeleton crews currently due to the 2008 recession where thousands lost their jobs and never came back.
Then you have the issue with exorbitant property values in metro-like cities which prevent nonprofits and local governments from sitting at the bargaining table. Building outside of the city has its own unique issues.
Arguing that rent control doesn’t work is pretty disingenuous.
Where the fuck is the priced out person supposed to go? They need to uproot their life because a wealthier person came along?
doesn't make it right! the free market is inherently unequal.
Rent gets raised by $500 because someone else would actually pay that much. Rent control is the ultimate "I got mine" - it rewards people who got in early while making it impossible for anyone else to have housing. The reason rent could go up that much is because supply is so artificially constrained.