Abstract
We exploit quasi-experimental variation in assignment of rent control in San Fran- cisco to study its impacts on tenants, landlords, and inequality. Leveraging new data tracking individuals’ migration, we find rent control limits renters’ mobility by 20% and lowers displacement from San Francisco, especially for minorities. Landlords treated by rent control reduce rental housing supplies by 15%, either by converting to con- dos/TICs, selling to owner occupants, or redeveloping buildings. In the long-run, we find rent control increased the gentrification of San Francisco, as the endogenous changes in the housing supply attracted higher income residents, undermining the goals of rent control.
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