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Time for Revisionism on Rent Control?

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  • Richard Arnott

Abstract

Economists' traditional hostility to rent contols is based on models that treat the housing market as perfectly competitive and on the experience with 'hard' controls in New York City and many European countries following World War II. The current 'soft' rent control systems in North America are varied and qualitatively different from earlier hard controls. The theoretical case against them is weak, particularly when the housing market is viewed as imperfectly competitive. The empirical case against them is weak, too. Economists should reconsider their blanket opposition to current rent control systems and evaluate them on a case-by-case basis.

Suggested Citation

  • Richard Arnott, 1995. "Time for Revisionism on Rent Control?," Journal of Economic Perspectives, American Economic Association, vol. 9(1), pages 99-120, Winter.
    • Handle: RePEc:aea:jecper:v:9:y:1995:i:1:p:99-120
    Note: DOI: 10.1257/jep.9.1.99
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.9.1.99
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    References listed on IDEAS

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    JEL classification:

    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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