Once again, politicians 'solve' a housing crisis by making it worse. Washington State's new rent control bill promises relief while guaranteeing skyrocketing costs and 7,000 fewer housing units over the next decade. Governor Ferguson just signed legislation capping rent increases at 7% (plus inflation) or 10% - whichever is lower - but completely ignored the real issue: supply shortages. Now developers have even less incentive to build in a state already drowning in regulations, while property values will drop by $1.1 BILLION and maintenance spending will decrease by $16 million annually. Is anyone surprised that the three states with rent control (Washington, Oregon, California) also have the highest rents in the country? Why do politicians keep implementing policies that economic data clearly shows will backfire?