King Rat (gkr) wrote,
King Rat
gkr

Eco 200: rent control in New York City

(group) Do price controls keep the wealthy from obtaining more than the poor? One reason that local governments sometimes impose rent controls is precisely to prevent money prices from rationing scarce residential space. Do the controls succeed in doing this? How has it happened, do you suppose, that most of New York City's rent-controlled apartments are occupied by relatively wealthy people?

According to the 2002 New York City Housing and Vacancy survey (http://www.census.gov/hhes/www/housing/nychvs/2002/s7at90.html), the median income in rent-controlled apartments is $15,000/year and the average is $27,285. In rent-stabilized apartments, the median is $20,000/year and the mean is $30,832. These are not relatively wealthy people.


I haven't peeked at the answer guide yet, but I suspect this is not the answer for which they are looking.

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