Rep. Paul Weissman, D-Louisville, is proposing through HB 1140 that municipalities in Colorado be able to impose rent control. According to a Denver Post editorial, "In our view, and that of most economists, rent control is a bad idea". See Rent control: a bad idea that hurts all Coloradans. Just take the case of the most well known rent control municipality, New York City. Landlords in NYC are less than anxious to improve their property because, well, why? They can't increase the rent. Rent control actually encourages landlords to let their properties deteriorate. The measure only stalled in the Democrat (6 D's to 5R's) controlled committee, 5-5, because one Democrat recused herself due to conflict of interest. Even the left leaning Denver Post said in it's editorial "HB 1140 should be given a decent burial. The legislature has enough to do without reviving what even it admits are "failed economic policies." Here, Here. Let's hope all the Republicans show up every day in committee or we may see an even worse housing situation in Colorado.
Even so, now is the best time to buy rental property in Colorado. Rates are the lowest they have been in 3 to 4 years and with all the bank owned properties out there investors are buying at a discount. Click here to see the latest interest rates.
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