Word: renting
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Dates: during 1980-1989
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THESE economic incentives for the real estate industry to abolish rent control have only increased. The average rent-controlled apartment is valued at $25,000, according to both sides of the 1-2-3 debate; in the free market, these apartments would sell for more than $100,000. Large landowners stand to make millions of dollars, if only Cambridge voters would let them...
Instead of waging war solely at the City Council level, real estate interests decided to sponsor Proposition 1-2-3. By shifting the focus away from rent control, the industry hoped to dupe large numbers of Cambridge residents. And by turning the debate city-wide, landlords planned on capitalizing on its one advantage--access to money for a large-scale campaign...
...first glance Proposition 1-2-3 does not seem to be an anti-rent control referendum. Its first part allows tenants who have lived in rent-controlled apartments for two years to buy them. The second part exempts owner-occupied units from rent control should the owner move out temporarily. And the third part suggests that extra tax revenue garnered from the sale of rent controlled units should be used to increase the supply of affordable housing...
Proponents of the proposal act as if the issue isn't rent control at all. "Support Choice--Support 1-2-3," read the signs. A flyer from a pro-1-2-3 group asked wrongly, "Did you know that home ownership is illegal in Cambridge?" These and other claims of the campaign have been deceptive...
...problem with Proposition 1-2-3 is that this theory doesn't mesh with reality. Some tenants gain, but only those who can afford to purchase a $100,000 unit. Those who can't will have a harder time finding an apartment, as owners who want to sell their rent-controlled units at a high price will have increased incentives to rent to the rich. The situation would largely revert to the ominous pre-1979 trends...