The multifamily industry most likely bristles at the idea of governmental rent control. Renters most likely applaud the idea. As with many things in our economy that relate to providers and consumers, we have an ever-widening divide. When situations create an adversarial mentality, both sides would be wise to try understanding each other’s point of view. Also, wisdom dictates that some of each adversary’s efforts should consider the long-term implications rather than focusing solely on the immediate issues.

Multifamily property owners usually define housing as affordable based on the dollar amount a specific market will allow, or the median income of an area. Those who pay rent define affordable based on their income added to their desired lifestyle. Many times those two definitions are separated by a large gap. Continue reading →