Rent Control Policies in London (Essay Sample)

RENT CONTROLS IN LONDON
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Rent Controls in London
The policy-making and political spheres in London have been recently marred by the issue of rent controls. The recent mayoral election in London was a battle for rent controls with the mayor Sadiq Khan initiating his re-election campaign against Boris Johnson on the pledge of pushing for a referendum to bring about rent controls, which has been elusive (Proctor 2020, p. 1). The tussle over having or not having rent control has been caused by the need to care for the low-income demographics and, on the other hand, the need to keep the private sector running and improve the economy. London is one of the cities with the highest rent rates with about 2.4 million private tenants paying an estimated 43% of their earnings on rent (Proctor 2020, p. 1). Further, rent costs have risen by about a third in this city between 2010 and 2020. While cities like New York and Berlin have instituted rent controls, London has not with the rent of a one-bedroom here more than three bedrooms in other parts of England (Proctor 2020, p. 1). In this paper, I argue that rent controls should be introduced in London. The paper will take a two-way structure constituting a counter-argument and corresponding argument to prove the position.
The opponents of rent controls have stipulated reasons for their objection to the decisions to have corresponding policies, which have mostly pointed to the economic impact it would have on private investors. Some of them argue that rent controls affect housing availability. In situations where