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Housing and Economics
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Price ceilings are known in economics to cause shortages in markets. Rent control is an example of a price ceiling in the housing market. ... In cities with rent control, advertised housing tends to show that moderately priced rental units are not that easy to find (Tucker 1). In a study done by William Tucker, the author of the article “How Rent Control Drives Out Affordable Housing,” it was found that in cities without rent control most rental units were advertised at or below the census median (Tucker 9). ... Educated middle class professionals tend to get rent-controlled housing that is meant for other people who are in more need such as the elderly and the poor.
Rent control is not a worthwhile way to keep the cost of housing in cities down. ... The number of new buildings that are constructed falls that helps to maintain the difference between supply and demand in the housing market. Higher prices in the shadow market develop that leave newcomers to a city at a disadvantage to find housing. ... Rent control is not a good way for cities to maintain housing prices.
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Paper Information
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Title: Housing and Economics
Words: 1067
Rating: None
Pages: 4.3
submitted by: sophiavaz
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