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If landlords were restricting supply in order to increase rents, we'd see higher vacancy rates in locations with higher rents. But we see the opposite — NYC ha
by maximilianroos 2y ago
If landlords were restricting supply in order to increase rents, we'd see higher vacancy rates in locations with higher rents.
But we see the opposite — NYC has a vacancy rate of 1.4% and peak rental pricing.
- seanmcdirmid 2y agoCollusion can raise rents instead. If all the landlords were conspiring to set a floor on rents that would maximize rents and rent utilization, for example, which would be illegal.
- Hnrobert42 2y agoNo. People have to live somewhere. It’s inelastic demand.
- seanmcdirmid 2y agoPeople don't have to live in the same place. We are seeing this in California now, which is losing population for the first time in 100 years because rent is too expensive for many people.