Tonight we attended the Board of Finance meeting and the City Council meeting where rent control was discussed.
The stated purpose of the new rent control resolution proposed by councilors Fiermonte, P-Ward 3 and Ashe, P-Ward 3 is to help fix high rents. While the resolution was written with good intentions, the practice of rent control does not work. The problem is based on simple economics. The supply is less than the demand and you do not fix the supply by attacking it.