Who Benefits from rent control?Pro's and cons
Rent control has been the vain of many landlords and a blessing to those of limited means. Landlords are in the business to make a profit. One misconception is that all landlords are wealthy or have Donald Trump money.
While its true that real estate can create a lot of wealth there are plenty of property owners who have average incomes like there rest of the country and may make some or all of their income from renting out a property they own or inherited.
Rent control is helpful to people on a fixed income like the elderly or disabled. Having a rent increase of as little as 5% can mean the difference between having money for groceries or the heating bill.
Some areas that are under rent control can become neglected and cause severe urban blight. This is due to the fact that landlords may not make enough money to cover needed repairs or updates. Eventually the properties become undesirable and if surrounding properties may soon follow creating an undesireable area in the community.
Because of all the factors involved rent control is controversial and can't be handled with blanket answers.
Local governments can work and debate the issue in their city councils and choose a solution that will benefit their specific community.