Reddit discusses:
https://www.reddit.com/r/Scotland/duplicates/16icjwp/rents_rising_faster_in_scotland_than_london_as
/r/Scotland reees: 34% upvoted, plenty of seething in comment directed at both landlords and Telegraph.
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Rent control caps the rate you can increase rent on a house, this causes a big sell off as renting is no longer profitable for lots of landlords and disincentivises anyone from moving out of the remaining rental properties incase they lose out on their sweet deal. Therefore anyone looking to rent in the area now has to look outside the rent controlled zone meaning they get a house in a worse location and at a more expensive price because there's so much competition for them
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So its "frick you got mine" the policy. Sounds great tbh.
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Regulation on how much rent can increase over a given period of time. In this case, it's capped at 3% growth per year.
The problem is that, well, inflation exists. If a landlord wants to guarantee long-term profit, he has to increase the rent as much as possible every year or else risk falling behind.
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They first tried rent control in NYC and Toronto in the 1970s and housing supply in both was sharply reduced at a faster rate than ever, amplifying housing issues. This turned rent control units into a small set of properties usually owned by the upper / middle class (and wouldn't never move) who had roots in the city while the young and poor increasingly got pushed to the edges while their rents increased rapidly.
The people who had rent control units would trade them among family like nepotism so it never cycled back into the marketplace. local NYC papers interviewed wall St bankers and old wealthy families who had precious rent controlled properties they handed off to their kids.
Meanwhile landlords had zero incentive to maintain properties as it was a negative cost ratio, so in poor areas they simply burned down the place, there was mass arson of tenement buildings in the Bronx and lower easy side in 1980s NYC.
The gov made it cheaper to burn down a building than continue renting it out in one of the most popular in demand cities in the world
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Oh and Toronto's new mayor has made city wide rent control a policy position in 2023
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It's like one step above a child's idea of "they should just make everything free" because Mom says she can't afford to buy him an xbox
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