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It's not truly affordable, because even if you have enough to pay the rent, you have a difficult time finding an apartment, resulting in many people with enough
by CryptoPunk 6y ago
It's not truly affordable, because even if you have enough to pay the rent, you have a difficult time finding an apartment, resulting in many people with enough income to afford the nominal rental rates ending up not being able to get a rental.
Price controls lead to shortages at the price point that the government dictates is the ceiling. It's a silly work around based on the fallacy that the problem with high prices is people charging too much, as opposed to the supply of the good in question being insufficient relative to the demand for it. The high price is actually the most effective solution to the problem of scarcity, and price controls prevent that solution from working.