Apartment industry blames rising rents on lawmakers for saying 'rent control' out loud

[TexasTowelie]

Rents in the Silver State are skyrocketing and the association representing apartment complex owners suggests state lawmakers who uttered the phrase “rent control” in Carson City are to blame.

“Well, there was discussion about rent control, about migrating in that direction, and I don’t know if the industry got a little worried,” says Susy Vasquez, executive director of the Nevada State Apartment Association. “I’m not sure if what was going on at the time with the Legislature was impacting the way people were looking at the market.”

“No one was even talking rent control,” said J.D. Klippenstein of Acting in Community Together in Organizing Northern Nevada (ACTIONN). “It wasn’t even a topic of discussion. It was a tool to steer away from discussion.”

“If landlords are raising rents it is because of market demand,” he said. “A lot of powerful interests wanted to kill the effort to give local governments the ability to address affordable housing. Now they’re saying ‘Look what happens when we talk about rent control. Rents go up.’”

Read more: https://www.nevadacurrent.com/2019/08/14/apartment-industry-blames-rising-rents-on-lawmakers-for-saying-rent-control-out-loud/

[kimbutgar]

1. I know 3 people my age who grew up in San Francisco who moved to Nevada recently

Because they were priced out of the rental market.

[YOHABLO]

3. San Fran or NYC ? Forget about it. It's happening in all major cities though.

To think about it: back in the 70s I rented a two bed two bath apt. with a separate dining room, sun room / tv area, two large bedrooms, living room with fireplace and a nice size balcony for $255 a month. Those were the days.

[kimbutgar]

4. In 1987 I rented a 1 bedroom apartment in an old apartment building with ghastly yellow

Carpeting for $500 a month plus an extra $25 for a parking space. I shudder to think what that apartment rents for now. When I moved out in 1993 the 9 unit apartment building sold for $890,000. I begged my parents and boss to consider buying that building. That Building would easily sell for 5 million or more now. I was lucky to have such low rent that I saved for those 5 years got a down payment for the home I own in San Francisco, which I couldn’t afford now.

And I feel sorry young people at my age then that have to live in rooms they pay $1500 for now.

[Anon-C]

2. Overwhelmingly demand and rigged, arbitrary constraints on supply.

Capitalism!

[Wellstone ruled]

5. With new Housing Sales

as well as used Housing sales slowing down,there will be tons of rental Houses in a couple months.