There is no question that rent-stressed tenants in Orange County could use some help staying in their homes. The problem with the Orange County Commission’s 4-3 solution is that it ignores fundamental economic principles dating back to the Phoenicians. When demand exceeds supply, prices rise; when supply exceeds demand, prices fall. Artificially manipulating prices decreases quality of living conditions and disincentivizes the creation of more supply – which would organically reduce rent. New York City tried rent abatements for years and ended up with slums, not rent-relieved tenants. Economics are as immutable as nature. Violate the rules and suffer the consequences.
Originally posted for the Orlando Sentinel’s Central Florida 100.
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