Rent regulation
Rent regulation is a system of laws, administered by a court or a public authority, which aims to ensure the affordability of housing and tenancies on the rental market for dwellings. Generally, a system of rent regulation involves:
- Price controls, limits on the rent that a landlord may charge, typically called rent control or rent stabilization
- Eviction controls: codified standards by which a landlord may terminate a tenancy: 1 : 1
- Obligations on the landlord or tenant regarding adequate maintenance of the property
- A system of oversight and enforcement by an independent regulator and ombudsman
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The loose term "rent control" covers a spectrum of regulation which can vary from setting the absolute amount of rent that can be charged, with no allowed increases, to placing different limits on the amount that rent can increase; these restrictions may continue between tenancies, or may be applied only within the duration of a tenancy. As of 2016, at least 14 of the 36 OECD countries have some form of rent control in effect, including four states in the United States.
Rent regulation is implemented in many diverse forms. It is one of several classes of policies intended to improve housing affordability. Its efficacy and collateral impacts have been the subject of disagreement and controversy. There is consensus among economists that rent control reduces the quality and quantity of housing units.: 1