The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco
利用旧金山1994年法律变化，研究发现租金管制使租户流动性降低20%，但导致房东减少15%的租赁住房供应，长期可能推高市场租金，削弱法律目标。
Using a 1994 law change, we exploit quasi-experimental variation in the assignment of rent control in San Francisco to study its impacts on tenants and landlords. Leveraging new data tracking individuals’ migration, we find rent control limits renters’ mobility by 20 percent and lowers displacement from San Francisco. Landlords treated by rent control reduce rental housing supplies by 15 percent by selling to owner-occupants and redeveloping buildings. Thus, while rent control prevents displacement of incumbent renters in the short run, the lost rental housing supply likely drove up market rents in the long run, ultimately undermining the goals of the law.