without those new homes, the existing starter homes would be 700K.
rent control restricts development, and gives preference to those who already live there over those who want to move, which locks people into their homes and further increases upward price pressures.
the problem is you see everything in terms of YOU YOU YOU. you can't afford the new homes, so you think they are bad and make things worse. but those new homes are getting bought by people who would otherwise buy old homes and make those even more expensive than the new ones.
the issue that nobody is talking about is that the USA as a whole, is like 30 million housing units in the red, and it's far worse in some areas than others. In cities where they have built enough to meet demand, prices have plateaued and sometimes started coming down. Because at the end of the day, it's a local issue. it's individual towns and cities that choose to permit new housing construction, they are the ultimate force in all of this and they have systematically suppressed new housing for 30+ years. The last time housing construction was on pace with housing demand was 1995. every year since then, housing construction has been less than demand, and thus housing prices have gone up 300% because there simple aren't enough houses for people to buy, so the houses that are for sale, go to the rich people who can afford them.
anyway, yeah vote for rent control and screw everyone else, as long as you have yours right, surely you'll be the one who gets the rent controlled unit and fuck everyone else who isn't lucky enough to get one. that is the american way.