Debate Over Rent Control

MY9tv.com

Updated: Tuesday, 15 May 2012, 9:45 AM EDT
Published : Tuesday, 15 May 2012, 9:45 AM EDT

Brenda Flanagan, Staff Reporter, MY9TV.COM

MY9TV.COM – The fight over rent-stabilized apartments in New York City has gone all the way to the nation’s highest court.

Tenents who have spent most of their lives in these apartments say they can not afford to move out.
While landlords say they feel victimized.
Brenda Flanagan has more on the fight that seems to have no end.

Thomas Lake likes living with his grandmother in a rent-stabilized apartment on the Upper West Side. The river view from some apartments in his building takes your breath away.  He tells us, “This is a really nice place. I grew up here. I was born here. So I plan to stay.” Continue reading

A Good Primer for the Economic Justification of the Harmon’s Case


REALITY CHECK

 

Want Cheaper Rent? End Rent Control

By Amanda Williams, 02/03/2012

The Supreme Court may have a chance this year to determine whether rent control is constitutional or whether it represents a “taking” without just compensation. A topic worthy of debate—but in my view, there are sound economic reasons rent control (like many government regulations), however well intentioned, is woefully misguided. To see why, let’s return briefly to Economics 101.

Anyone who took an economics class will likely have (possibly painful) flashbacks in examining Exhibit 1, which shows a generic supply and demand graph, with price and quantity on the x- and y-axes, respectively. Basic economic theory expects a supply curve to slope upward because the higher the price a good’s provider can obtain, the more he’s willing to supply. On the flip side, demand for most goods is downward sloping because, on average, consumers are less-inclined to consume higher quantities of a good the more it costs. The intersection of the two determines the price and quantity the market supports (commonly known as equilibrium).

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