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Surprise! GOP economist interprets effective tool in affordable housing as loophole for the rich [1]

['Jason Weisberger']

Date: 2025-08-06

A GOP economist proposes doing away with rent control to improve access to affordable housing because rich people.

Somehow, Dr. Charles Steele, an Associate Professor of Economics at Betsy DeVos's Hillsdale College, does not understand that his "friends" with rent-controlled apartments have held on to them for a long time, enabling them to work at the "World Bank or IMF," as he stated. Both pay competitive civil salaries, which does not imply they could afford today's rent in New York City. This is how rent control is intended to work — but Steele wants to do away with it.

STEELE: That's a big deal, and certainly in New York City, they have rent controls. It's interesting. A nice example of this. I did my PhD at New York University, so I lived in New York City for four years. Some of my friends who finished their doctoral degrees and went on to the World Bank and the IMF, they had rent-controlled apartments. I believe they still have them. Once you have a rent-controlled apartment, it's a fun thing to have. These are wealthy people, friends of mine, nice people, but you don't want to get rid of those things. In LA, that's exactly right. Once you have them, it's a luxury item that you do not want to get rid of. In LA, you get a rent-controlled apartment. Some of these people are making $200,000, $300,000, $500,000 a year in a rent-controlled apartment, and they say, Oh, you know, we're not giving that up. Crooks and Liars

Listen, Someone earning $500,000 on a W-2-based salary in the USA is buying a home for whatever is left of the Mortgage Interest Tax Credit, at the very least. Keeping a rent-controlled apartment they've lived in for 20-30 years is probably not their thing — but it's their right if they have it and still live in it. There are far more grandmothers still living in the same apartment they raised their children in, only able to afford their home, and to stay in their community, due to rent control, than anything this guy imagines. This is a loophole that doesn't need closing.

Previously:

• California tenants receive rent-hike threats that will only be rescinded if rent-control initiative fails

• Landlord appears to back off predatory harassment when tenants go to the city and media

• San Francisco landlord tortures a couple who dared stand up for themselves

• LA's new homelessness stats reveal a crisis that is only worsening

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