The Alternatives
There are better ways to address housing affordability that avoid the negative economic
and housing quality impacts of rent control.
Expand and increase funding for rental assistance programs
Rather than funding a costly rent control program, the County should invest the funding in helping residents attain housing at affordable rates and provide an emergency safety net for the neediest residents.
Invest in workforce development
As the Comptroller's State of the Economy report demonstrates, the state's employment has not recovered to pre-pandemic levels due to a decline in the labor participation rate. This indicates that demand for labor among employers is high, but the number of skilled workers to fill those jobs is low. To address this imbalance and help residents better afford to live in the county, the Council should invest in workforce development programs that help residents gain the skills needed to fill those good paying jobs.
Increase funding for affordable housing perservation
Housing preservation funds provide resources for acquiring property or rehabbing existing housing through low-cost financing, which can be capitalized through multiple funding sources. These funds facilitate the creation and preservation of affordable housing.
Expand access to capital for owners of unsubsidized affordable housing
Mom and pop property owners rely on their rental housing to offset their cost of living or provide a stable source of revenue. Rent control removes the incentives for these property owners to rent their properties. Expanding access to capital for these property owners to aid in the preservation of affordable housing and maintain the quality of the existing housing stock.
Streamline regulatory processes
Regulations account for an average of 40.6% of the cost of building in the county. These additional costs make housing more expensive and amenities more scarce.
Expand mixed-use zoning
Mixed-use development allows for a combination of land uses in a single zoning district, allowing developers to create homes near other community services, like job centers or retail. This is commonly referred to as a live, work, play model. This type of zoning can help boost economic growth.