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Wall Street Is Spending Big to Protect Its Ability to Jack up Rents in California

FOR SOME ON Wall Street, the financial crash of 2008 represented a once-in-a-lifetime opportunity. Homeowners who’d been walloped by the very crisis Wall Street had created were struggling to pay their mortgages, so financiers swooped in and bought up foreclosed homes, knowing the assets would eventually rise in price again.   But with so many people […]

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Allowing local rent control is a matter of racial justice

Opponents of Proposition 10, the local rent control initiative on the November ballot, might say rent control is an esoteric free market issue. But California’s housing crisis is not esoteric. It’s a racial justice issue, plain and simple. Voters should pass Prop. 10, which repeals the state’s Costa-Hawkins Rental Housing Act, and start to address […]

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New study says rent control doesn’t discourage new housing

The USC study, sponsored by the California Community Foundation, suggests that rent control tends to keep rents lower even in uncontrolled buildings, helps preserve housing and community stability – and has little discernable impact on the construction of new housing. The study’s authors are not economists. The lead author, Manuel Pastor, is a sociologist. The two […]

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Owen Thomas: Students have common interest with low and middle income renters

Simply put, cost of living is making it nearly impossible for non-wealthy people to continue living in Santa Cruz, be they students, workers or the elderly. This struggle is not polarized between students and locals, as Primack characterized it, but between rich residents and poor residents. It just so happens that there are many poor […]

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Paul Krugman, You’re Wrong About Rent Control

In a series of reports, studies, and articles, the claim that building more housing for rich people will bring down prices as been challenged, if not debunked. The new evidence suggests that the only falling rents are at the very top of the scale – for the rest of us, that new housing is not bringing any relief at all.

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