Jean Le Vaux founded Le Vaux Realty in 1978 (now Coldwell Banker) and has written a piece in the Cambridge Chronicle entitled Reflections of rent control. In her artilce, she describes what caused the downfall of rent control.
Excerpts from Jean Le Vaux commentary:
Cambridge was deeply divided – opposing views were everywhere, even in my own office. Housing stock deteriorated. Each loophole landlords found was soon closed. Those who, in desperation, kept units vacant were fined under the “90 day rule.” Rooms in private houses with locks on their doors were now labeled “units”, and controlled.
Many rents were so low that out-of-towners would rent a Pied a Terre for theatre nights and guests! Eric Segal, (author of “Love Story”), rented his luxury apartment to Harvard philosopher Robert Nozick, who sued for his rent to be rolled back to a prior limit. Surveys found that many tenants were single, white and economically privileged. An initiative to implement a means test to provide subsidies for only the needy was defeated
Do you think rent control will make a come back?
Click here to read her entire commentary.