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Biden Proposes National Rent Control Amid Criticism from Economists

Jul 15, 2024, 06:54 PM

President Joe Biden has proposed a national rent control policy as part of his campaign strategy. The proposal has sparked significant debate, with many economists and commentators criticizing the idea. Paul Krugman has labeled the proposal as 'truly stupid,' while Jason Furman, a former top economist in the Obama administration, stated that rent control would worsen housing supply problems. Critics argue that rent control could deter new housing developments and renovations, exacerbating the housing crisis. The policy has been compared to high tariffs, which are also seen as damaging. Some see the proposal as a desperate move to appeal to voters concerned about high housing costs, particularly young voters. The proposal has been described as a 'Bernie/AOC idea' and a form of economic populism.