By Joe Pitts | Chamber Business News
Determined not to exacerbate the state’s massive housing shortage, stakeholders from across the Arizona business community are speaking out against an onslaught of rent control proposals put forth recently by national and state-level Democrats.
The measures – which supporters claim would help make housing more affordable – actually would do the exact opposite, according to Courtney Gilstrap LeVinus, president and CEO of the Arizona Multihousing Association, which represents more than 2,300 property owners and managers across the state.
“The verdict on rent control is in and it has been for decades,” LeVinus said. “In cities from coast to coast that have passed measures to stymie the marketplace, the results have been unfortunate. New construction of homes comes to a crashing halt as builders flee the market. Property owners, who need to cut costs to stay afloat, stop investing in existing homes. Property tax revenues plummet and renters at the lowest income levels find themselves with fewer housing options.”
Danny Seiden, the head of the Arizona Chamber of Commerce & Industry, echoed this opposition, adding that his organization will fight any and all rent control proposals. Rent control is currently illegal under Arizona law.
