Top 10 Reasons to Vote NO on House Bill 1017
Any form of rent control is a matter of private property rights because it forces one property owner to subsidize housing for others.
We do NOT need this legislation. The process in place today is working. Six court cases in Colorado illustrate this. Don't try to fix something that is not broken. (see #10)
Rent control is NOT a government program. It is unfair regulation of private property that is NOT practiced in 46 states! Rent control is outlawed in most states - Forty-six (46) states have no rent control policies and thirty-five of those have statutes which make rent control illegal. In fact, the liberal state of Massachusetts voted to repeal rent control because it was not providing housing to those truly in need and the negative economic impact rent control created on access to and availability of rental housing.
Rent control is a failed housing policy. It does the wrong things to the wrong people. Rent control has the perverse consequence of reducing, rather than expanding, the supply of rental housing in times of shortage. Existing units are converted to condos or coops. Furthermore, developers do not invest capital for new construction in rent control states.
o From 1980 - 1989, there was a 12% decline in available rental units in Brookline, Massachusetts.
o From 1978 - 1990, there was a 14% decline in available rental units in Berkley, California.
o From 1950 - 1986, there was a 45% decline in available rental units in the United Kingdom.
Setting price controls through rent control has reduced supply and private investment in affordable housing.
Low Income Renters and Property Owners Lose - It is a common perception that rent control is an affordable housing program that benefits those on limited incomes - seniors, disabled, veterans, and students, among others. Countless studies of the rent control imposed in New York City show that rent control benefits the wealthier residents in Midtown and Upper Manhattan and not the lower income tenants in other New York burrows.
If this bill passes, we will see unprecedented mandates on building and development.
This legislation would affect school funding. This bill will have an adverse impact on property tax income that in turn, will affect public school funding.
Rent control reduces the quality of the housing stock and NO rent control study has proven that rent control provides affordable housing
#9 Lowers the values of properties which could create additional foreclosures. This could lower the net income on communities which will adversely affect salaries.
#10 Land Use Restrictive Agreements (LURA) are in place today. They require just compensation to the developer in exchange for affordable units to be rented to residents with AMI below a certain level. LURAs are working----there is NO need for this legislation.
If legislators request more information, please have them call Nancy Burke at 303-548-3193. She will be at the Capitol and can talk directly with legislators.