Tuesday, August 8, 2023

Why is rent control failing in Scotland?

 From the Financial Times:

...levelling up secretary Michael Gove said in Edinburgh: “The history of rent controls and rent freezes is that they lead to a reduction in supply overall and they end up hurting the poorest most.”  

In other words, if you impose price ceilings below the equilibrium price, you get shortages.

HT:  Justin K.

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