Cities overseas that limited rent increases ended up with poorer quality housing as landlords rejected spending on upkeep.
The party’s alternate pitch – which Labor has rejected even as housing affordability becomes a growing political problem for the government – is for a two-year national freeze, with subsequent rent increases capped at 2 per cent every two years. Under the Greens’ plan, states signing on would receive $1 billion in extra housing funding from the federal government.
This includes lower quality housing stock, inadequate increases, or even decreases in affordability, deterioration of stock, disinvestment in rental units, and decreases in nearby property values. The ACT has rules blocking landlords from increasing rents by more than 110 per cent of headline inflation. The rules only apply within lease agreements, so landlords can increase rent by a higher amount when a property is vacated.
“What we do have evidence on is how rent controls affect investment in existing rental properties, on maintenance and the like,” he said. “There, the evidence is persuasive: rent controls lead to less investment in maintenance and a lower quality rental stock.
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