When thinking
about Rent Control, most people do not consider the impact it could have on
public safety.
Without
incentives for landlords and potential landlords to upgrade or build on to
existing properties, there is less likely to be change for the better. We won’t
find new gardens being nurtured or new plants or trees being grown because the
tenants aren’t going to leave.
As a result,
keeping the same look without proper care invites weeds and other undesirable
growth. This often leads to more pests in the area, sometimes where children
tend to play.
Landlords and
their property managers have fewer reasons for urgent maintenance. Failure to
replace light bulbs or light fixtures in common areas increase the risk of
injury and in some communities also invite crime.
Amenities such
as laundry rooms or basement storage may not be as well maintained as expected
since tenants are far less likely to move out and face higher rent payments.
With no reason
to increase property values in the community, there are fewer incentives for
new investors to enter the community. Real estate investors tend to look at
communities with obvious potential to grow their portfolios.
Having the same
older buildings stay in place year after year with little to no hope for
redevelopment can negatively impact some cities. School districts might also be
impacted since Rent Control often leads to fewer and fewer children of
different ages being added into class sizes. Smaller class sizes usually
results in less funding for the schools.
Some businesses,
such as convenience stores, local grocery stores, gas stations, and local
services, often benefit by having a steady flow of local customers. It also
means they may not need to advertise as aggressively since the local residents
already know them.
Either way, the
overall lack of turnover has a definite impact on future years within the
economy of a neighborhood.
Posts
No comments:
Post a Comment