Oregon, taking a bold page out of the progressive playbook, recently became the first state to enact mandatory rent control. Unfortunately, the measure does nothing to address the underlying cause of the state’s housing crisis. Even worse, the law is likely to make housing in Oregon even more unaffordable -- not only to low-income renters but also to potential middle-class homeowners. Why? Simple: rent control discourages investment in moderately priced housing. Oregon’s new law limits annual rent increases to 7 percent plus inflation -- for a total of 10.3 percent in 2019 -- though it applies only to buildings more than 15 years old with more than five rental units. The law also prohibits evictions “without cause,” which could occur when a building is converted into condominiums, for example. The law also allows eviction of tenants if a building requires major renovation or is to be demolished, in which case the landlord must pay a month’s...(Read Full Article)