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Arguing against rent control in Providence; clueless, complicit in Congress | Letters

The argument against rent control

Land use attorney Dylan Conley did an awesome job using facts, studies and statistics to show how harmful to Providence’s tax base implementing rent control would be (“Numbers show rent control could bankrupt the city,” Commentary, June 1).

The argument against rent control can, however, be boiled down to a few simple sentences.

Telling apartment building owners that they no longer have the freedom to decide themselves how much rent to charge, that government will make such decisions instead, will drive owners to do one of the following:  Allow their buildings to fall into disrepair; sell their buildings at below market value; convert their apartments to condos; or simply abandon their buildings.

The secondary effects of overruling Adam Smith’s “invisible hand” of the free market will be even fewer rental units available in Providence’s currently severe housing shortage; will decrease tax revenue dramatically, causing even more compensatory raises in tax rates; will increase urban blight from abandoned properties; and will discourage other investments in a city marching toward socialism.