Urban Decay Chaos
Rent controls are often enacted due to public pressure and complaints regarding the cost of living. Proponents of rent controls argue that rent controls combat inflation, stabilize the economic characteristics of a city's population, prevent rent gouging, and improve the quality of housing. Capitalist economists have documented that rent control affects the supply and demand relationship in housing markets which can contribute to urban blight and does not provide the benefits its proponents advocate. Rent control contributes to urban blight by reducing new construction and investment in housing and deincentivizing maintenance. If a landlord's costs to perform maintenance consume too large a proportion of profit, that is revenue minus costs, from rent, the landlord will feel pressure to drastically reduce or eliminate maintenance entirely. This effect has been observed in New York City, a 2009 study by a lobbying firm found 29% of rent-controlled buildings were categorized as either deteriorated or dilapidated in contrast with 8% of non-rent-controlled housing .
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