On Thu, 8 Jun 2000, Brad De Long wrote:
> But it doesn't keep a "lid on rents": it keeps a lid on rents for
> long-term residents; it raises the effective price of housing for
> people moving to New York.
>
> If you want to privilege long-term inhabitants by giving them rent
> breaks and raise the price of housing to people migrating into the
> city, at least be clear in your mind what you are doing...
This is a fair cop -- rent control makes a privileged class out of people out of people who got here first, a kind of housing seniority system. But that's got nothing to do with Krugman's argument that it causes the housing shortage and high rents.
Michael __________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com