Tuesday 17 October 2017

Controls will only do damage in a restricted housing market

Controls rid New York of more than 300,000 rental units through the 1970s and destroyed most of the South Bronx. Getty Images
Controls rid New York of more than 300,000 rental units through the 1970s and destroyed most of the South Bronx. Getty Images
Mark Keenan

Mark Keenan

'Rent control appears to be the most efficient technique presently known to destroy a city - except for bombing," the Swedish economist and socialist academic Assar Lindbeck once said.

Fellow socialist, Nguyen Co Thach, former Vietnamese foreign minister, agreed: "The Americans couldn't destroy Hanoi, but we have destroyed our city." Rent controls again.

"Ultimately you can decide to freeze rents in the morning but that doesn't actually solve the problem," one of our own foremost experts stated.

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