We’re in desperate need of basic economic lessons around here.
Economically illiterate activists are laying the groundwork to make housing harder to find, and make life worse, in Rhode Island:
This is how economics works. The rent goes up to reflect the real value of the property. Other property owners see the value of their space and reconsider their usage.
For example, instead of renovating or building to add a new storage unit (which progressives hate), the property owner renovates or builds apartments. When the supply increases, the value and the rent will stop climbing or go down. Cap rent, and you’ll get the reverse effect: less housing and higher prices.
Unfortunately, the same activists have been training each other for decades to dismiss such arguments as mumbo-jumbo from evil, greedy people. That’s a shame, and they’ll probably never question whether they, themselves, are contributing to the suffering as it increases. They’ll get angrier and angrier that others didn’t react as they’d expected them to, taking it as greater proof of evil.