CLEARWATER, Fla. — As rent in the Tampa Bay area skyrockets, many have asked for relief through rental caps.
So far, several area governments have said the move would bring legal trouble. But we wanted to know if it would make a difference economically, so we spoke to Florida Gulf Coast University Real Estate professor Dr. Shelton Weeks.
“I would say definitively. I would say rent control would be the absolute worst thing that we could do,” he said.
Dr. Weeks said though it sounds good on paper, rent caps typically discourage developers leading to stagnated growth.
“Capping or restricting the returns that someone can generate is only going to discourage investment,” he said.
On top of that, he also said it often leads to scams.
“You might say ‘Alright Shelton, I’ll lease you my apartment, you can take over this lease but in order to do so you’re going to have to buy my television from me.’ And maybe it’s a 20-year-old television that’s not worth five…