Last week, Oregon became the first state in the nation to adopt a mandatory statewide rent control policy. Yet, as Veronique de Rugy observes, rent control never delivers on the promise that it will multiply the affordable housing in high-value markets to serve middle- and lower-class families. It also always has negative consequences, and this time will be no different.
The new statewide law applies to landlords who have at least four units, one of which is at least 15 years old. It prohibits them from increasing rent of more than 7 percent over inflation annually. The bill also prohibits no-cause evictions after the first year of residency, in addition to the protections against eviction already on the books.