The housing market is bleeding us dry

Letter to the Editor

After the consultants that the City of Minneapolis hires to study the effects of rent control are done, the City can then hire them to study the effects of the extortion that has been imposed upon renters. Do you really need outside help to conclude that rent control is necessary?

“Property owners have said rent limits would stymie the market and keep them from being able to invest adequately in the homes they provide,” according to an October 18 Star Tribune article. Can we stop this foolishness?

Renters know the truth that regardless of the rent being charged, most landlords invest only what they must to keep their buildings up and running. There is no “market” outside of landlords bleeding renters for more and more money.

Over 50% of all renters in the U.S. cannot afford their rent. As many as 42,000 rental households in Minneapolis cannot afford their rent even though they work full time.

Some 78% of Americans live paycheck to paycheck. Some 80% of Americans between the ages of 18-40 get help from their parents to meet their mortgage payments or pay their rent. The average American is annually paying some $1,400 in late and overdraft fees.

How can the “market” bleed renters for any more of what they don’t have?