Chairman Arrington on Biden’s Nationalization of Failed Rent Control Policies
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) released a statement on President Biden’s plan to implement failed rent control policies nationwide.
Chairman Arrington on Rent Control:
"Rent control has been a disaster in cities across the country like New York City, causing housing costs to explode, quality to decline, and the construction of badly needed new, affordable homes to plummet.
President Biden’s plan to nationalize a policy that has produced nothing but failure at the local level is unsurprising. Like a lot of “progressive” policies, rent control has been proven time and again to hurt the very people it was intended to help the most.
The solution to our housing shortage isn’t more government intervention, it’s less.
Price controls, federal and state regulations, and local restrictive zoning laws only squeeze the supply side; while, at the same time, federal subsidies are artificially boosting demand. This is just another inflationary policy out of the Bidenomics playbook."
The Bottom Line:
Since President Biden took office, rent has increased nearly 22 percent. The average sale price of houses has increased nearly 30 percent.
President Biden’s rent control scheme will not fix the high rent prices caused by Bidenflation, but will add more big government hurdles to overcome.
