By Calvin Welch : 48hills – excerpt
The senator misses the point — and the facts — when he attacks people who don’t think the private market will solve our woes
State Senator Scott Wiener, in a recent blog posting, attacked nameless critics of his efforts to produce more market-rate housing by removing local governments from the approval process if those local areas failed to meet regionally determined “housing needs.” Since all localities in the state currently fail to meet these needs, his legislation would, in effect, deregulate housing development all over California, since most housing regulations exist at the local level…
What Does Work? The voters of San Francisco and the Bay Area have an answer: market controls to keep existing housing within reach and public subsidies to build new housing they and their neighbors can afford. As argued earlier on these pages, the passage of more than $1 billion in bonds and sales taxes to build homes affordable to moderate income earners and people at risk of homelessness or homeless is sound public policy. Moreover, the passage of rent control measures is a rational response to a red hot real estate market. Continued effort to regulate Airbnb and other short term rentals is critical — the 10,000 STR’s in San Francisco just about equals the current vacancy rate for apartments. Imagine what would happen to rents if the vacancy rate were doubled because un-registered Airbnb listings were placed back on the rental market…. (more)
Might it be cheaper and easier to give landlords a reason to stay in the game? What would it take to make being a landlord easier and less stressful? Money is not the only thing that motivates people. Onerous laws and regulations and jumping through hoops gets old real fast, convincing many people to get out of the rental business and just sit on the property. As long as the values are going up, why sell?