Rent control may seem like a viable solution for high housing costs, but economists warn it could lead to shortages, as sellers lose the incentive to provide housing.
While moving to a more affordable rental is a basic strategy for many California tenants, factors like application fees and the high costs of relocation complicate this option.
Housing substitution is a fundamental economic theory, but the process proves to be more challenging in practice due to the extensive social and logistical costs involved.
The ultimate solution for California's housing crisis isn't rent control but rather a substantial increase in housing construction to truly lower rents.
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