Newstalk 106: Rents are out of control, 23rd August 2016

Tara Duggan was presenting the ‘Right Hook’ and spoke to Karl Deeter of Irish Mortgage Brokers and Margaret McCormick of the Irish Property Owners Association about the issues around rents as news came out that they had reached boomtime levels.

The topics covered also reached into areas of taxation and new supply as well as the issues that currently exist due to past failures such as the ineffective rent control measures brought out in late 2015.

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Rent control, a misguided policy that just won’t go away

The idea of rent control is always a compelling one, that by decree you simply say ‘the price can’t rise’ and then it doesn’t. That this is a proven myth rarely factors in, take cities in the USA with rent control and you’ll also see that these same cities have some of the highest rents (like San Francisco and New York) because all rent control does is confer a transfer onto the incumbent renters.

When it happens for long enough you eventually get a disproportionate cost being carried by some cohorts who become structurally less well off because they face vastly different cost bases in rents even though they may earn an identical wage to their neighbour. It’s no wonder there was even a Mayoral Candidate in New York who’s party was named ‘Rent is too damn high!‘. Check out his debating style which is memorable if nothing else.

If housing cost control was a good idea then why not enforce …

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