Affordable housing is literally a lottery

It's often been observed that regimes such as rent control or "affordable housing" create a few lucky winners while degrading broader market for the rest of us. By making it less attractive to build new apartments or homes or maintain extant properties these measure in the long run tend to reduce the overall housing stock and in the case of rentals decrease maintenance.

This week I came across a story rich with irony: KION46 reports a literal lottery: "The Santa Cruz County Community Development and Infrastructure Department will be holding a random drawing that will select two prospective Measure J homebuyers for two newly built three-bedroom Measure J townhomes in Soquel."


 


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