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L.A. County wants to cap rent hikes at 3%. Landlords say that would push them to sell
(www.latimes.com)
this post was submitted on 09 Jun 2024
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You forgot the other thing they teach.
Never discuss that with anyone who hasn't studied economics - the same as how we will deliberately reduce GDP to increase the unemployment rate, or sometimes a country is better off by axing a productive market and putting 50k people out of work. They don't see how and will only take it out on you.
Its just not worth the arguement.
Maybe the point is such a system that only works on numbers is inhumane and should be avoided? Economics people want to argue within economic frameworks which don't work well if some assumed market conditions don't exist. I have never seen reality work quite as described when free market breaks down and MNCs control government policymaking
People don't like applying economic theory because it reminds us of the core part of being human - I only care about myself and will act in a way that benefits me. Even altruistic people act as they do because they want to disadvantage themselves to help others and you can't force them to change.
Rent caps are one of those that sound good in theory - like telling ticketmaster to lower the price of tickets, or 0% unemployment. But doing so just means other things suffer.