Principles of Economics- Mankiw (5th) 120

Principles of Economics- Mankiw (5th) 120 - 124 PA R T T W...

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124 PART TWO SUPPLY AND DEMAND I: HOW MARKETS WORK R ENT CONTROL REMAINS A TOPIC OF HEATED debate in New York City, as the follow- ing article describes. Threat to End Rent Control Stirs Up NYC B Y F RED K APLAN N EW Y ORK —One recent lunch hour at Shopsin’s, a neighborhood diner in Manhattan’s West Village, conversation turned to the topic of the state Senate majority leader, Joseph L. Bruno. “If he ever shows his face around here, we’ll string him up,” a customer exclaimed. “The guy deserves death,” another said matter-of-factly. Rarely has so much venom been aimed at a figure so obscure as an Albany legislator, but all over New York City, thousands of otherwise fairly civi- lized citizens are throwing similar fits. For Bruno is threatening to take away their one holy fringe benefit—the eternal right to a rent-controlled apartment. Massachusetts and California have abolished or scaled back their rent- control laws in recent years, but New York remains the last holdout, and on a scale that dwarfs that of the other cities. About 2 million residents—more
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This note was uploaded on 07/30/2010 for the course ECON 120 taught by Professor Abijian during the Spring '10 term at Mesa CC.

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