A Definition of Rent Control
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Has it ever occurred to you what rent control means in Santa Monica? (Times, Jan. 9).
At an average benefit of $400 a month compared to free market rents, that’s a $4,800 annual savings per apartment. Assuming “double-voter occupancy” and an election every two years, the Santa Monica Renter’s Rights political machine offers this amount (in the form of a subsidy) to each “controlled” voter to keep its grasp on political power.
Not only does this translate into a $48,000 lost-income stream for the owner of a 10-unit apartment building, it artificially diminishes the resale value of the building by $250,000 to $300,000.
If that building owner has minor children or grandchildren designated as heirs, they may someday be deprived of college educations their ancestors saved and invested for. If this does not represent the taking of property without compensation from someone without representation, then what does?
KIP DELLINGER
Los Angeles
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