The housing crisis is something affecting Americans all over the United States, but one blue city mayor is under fire for her plan to handle it.
“Rent control” is a topic that has been in the news recently, as it was a central theme in New York City Mayor-elect Zohran Mamdani’s campaign. While it’s a concept that might sound good to renters who are having trouble making ends meet, celebrity realtor Mauricio Umansky has a different take on the policy.
Watch:
“Los Angeles, believe it or not, is doubling down on restrictions for landlords. They’re coming up with a new 4% cap on annual rent increases. The founder and CEO of The Agency is Mauricio Umansky, and he joins me now,” Fox Business host Stuart Varney said. “Rent control is historically a failure, so why is Mayor Karen Bass doing this?”
“You know, it doesn’t make a lot of sense. What rent control does is give short-term relief to owners, to renters, but it does not resolve the problem. The problem is solved by capitalism. The problem is solved by having more supply. It’s just a tremendous mistake, and it’s just fast little Band-Aids that she continues to deliver on, and we’re not solving the real problem, which is supply.”
Umansky knows a little something about the real estate and housing industry, as he has “built a real estate empire representing some of the world’s most exclusive listings,” according to Fox Business. He accuses the state’s development restrictions of inflating prices and making growth nearly impossible.
“I think one of the problems that we’re having in California, in Los Angeles and all of that, is long-term. It’s capitalism. I think what made the country great was freedom of capitalism, the freedom to compete, the freedom to do things. And right now, you know, with these wealth taxes, with stopping construction, making construction difficult, we need to fix the long-term problem,” he said. “The long-term problem gets solved by allowing — which is what made us great — allowing us to build, cut the red tape, increase supply, give tax incentives to builders so that we have a larger supply. The larger supply and the lesser demand lowers prices, creates affordability. And, you know, home ownership creates safety in communities.”
“Is it possible, Mauricio, that in the relatively near term, within the next couple of years, do you think you could get a Republican elected to statewide office in California?” Varney wondered.
“Man, I would love to see that. I’m not 100% sure it’s possible here in California, but, you know, maybe we can find some sort of a middle ground and get an independent that gets in there that has a good monetary policy that understands how to have a balanced budget, you know? How to have safety. All of these things are super important. But I don’t see in the near future a Republican leading California,” Umansky predicted.
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Sierra Marlee is a millennial whose hunger for the truth in a world of fake news has led her to write. Marlee also contributes to BizPac Review.
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