I have to nominate the concept that the solution to high rents is to give many renters more money to spend on their rent, while not increasing the available rentals. An amazing number of people have no intuition or understanding of what magically happens next.
When asked what are the greatest problems we face in the U.S., I always have economic illiteracy in my top 3 (along with a dismissal of free speech). I've given up trying to explain to leftists how schemes like this (as well as "rent control" in general) actually hurt the people they want to help. John Kennedy Toole had it right--we are being governed by a confederacy of dunces.
Yes, economic illiteracy frustrates me as well. I spend too much time on Twitter/X trying to explain basic economics to socialists. Old man shouts at cloud.
I'm sure there's a certain number of dunces in the mix but how many politicians are just picking a side and trying to convince enough voters they're right in order to win an election?
Thank you. People on the left always forget that the Supply ans Demand curves, like reality, don't care about feelings. One other point on rent controls that affects the renters is that the government has effectively split the consumers in the renters market for the landlords - those that pay first class, and those that pay economy. Yes, you still get the same plane, but anyone who has flown knows there's a difference in how you'll be accommodated. Heaven help you if get put into "ultra economy" - you will never see the maintenance personnel again.
Landlords have one advantage when providing government subsidized housing, the government sends the check directly to the landlord saving them the hassle of trying to get the rent payment before it's blown on something else. Once the money is gone, getting people to pay their rent is extremely difficult and timely as evictions cost money and time, and once someone is evicted the landlord likely has to pay for cleaning and repairs and will lose additional rental income while trying to find a new tenant.
I have to nominate the concept that the solution to high rents is to give many renters more money to spend on their rent, while not increasing the available rentals. An amazing number of people have no intuition or understanding of what magically happens next.
Price controls are economic flat-eartherism, and nothing more should ever need to be said.
Excellent. Thank you.
Thanks for reading!
When asked what are the greatest problems we face in the U.S., I always have economic illiteracy in my top 3 (along with a dismissal of free speech). I've given up trying to explain to leftists how schemes like this (as well as "rent control" in general) actually hurt the people they want to help. John Kennedy Toole had it right--we are being governed by a confederacy of dunces.
Yes, economic illiteracy frustrates me as well. I spend too much time on Twitter/X trying to explain basic economics to socialists. Old man shouts at cloud.
I'm sure there's a certain number of dunces in the mix but how many politicians are just picking a side and trying to convince enough voters they're right in order to win an election?
Thank you. People on the left always forget that the Supply ans Demand curves, like reality, don't care about feelings. One other point on rent controls that affects the renters is that the government has effectively split the consumers in the renters market for the landlords - those that pay first class, and those that pay economy. Yes, you still get the same plane, but anyone who has flown knows there's a difference in how you'll be accommodated. Heaven help you if get put into "ultra economy" - you will never see the maintenance personnel again.
Thanks AMP.
Landlords have one advantage when providing government subsidized housing, the government sends the check directly to the landlord saving them the hassle of trying to get the rent payment before it's blown on something else. Once the money is gone, getting people to pay their rent is extremely difficult and timely as evictions cost money and time, and once someone is evicted the landlord likely has to pay for cleaning and repairs and will lose additional rental income while trying to find a new tenant.