“[T]he government needs to work faster on fixing the various roadblocks to increasing … housing supply. While this poses significant challenges, they cannot be avoided with a quick-fix policy like rent control.” from Why the NZ government is right to rule out rent, controls as a housing crisis solution by James Graham, University of Sydney, February 8, 2022.
Instead of studying the root causes of excess capacity in Culver City’s multifamily neighborhoods, Council slapped rent control on older units and went straight to infill development in single family home neighborhoods.
When I bought a development that had maxed-out a parcel in Clarkdale in 1988, I have been surprised that very few new rental units have been added in the neighborhood over the last 3 decades.
A majority of parcels in Clarkdale could be built up under existing zoning ordinances, but something is holding back development. And that was before rent control.
Rent control on older units carry over, thereby ensuring that new rental units won’t be built on parcels that have had rental units for more than 15 years.
To not study the root causes that are holding back development in multifamily neighborhoods is willful ignorance. To not learn the economics of real estate development in rental markets is willful financial illiteracy.
Renters and homeowners are victims of a government in which ignorance and financial illiteracy triumphs over common sense in Culver City.
Culver City needs more housing in our existing multifamily neighborhoods. We need a better-informed council majority who can represent everyone, and not put one group over another as our current council majority does.