Tag: Price Control

Member Post

 

I’m confused (perhaps not a difficult state to achieve). The New York City Council passed a bill that allows (but does not require) restaurants to charge a 10% “Covid fee” surcharge. The stated purpose of the permitted surcharge is to allow restaurants to recover revenue lost from being shut down for months, and from now […]

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Quote of the Day: Price Controls

 

“Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.” – Thomas Sowell

Did anyone notice California’s governor imposing statewide rent control on September 10? It was done to make housing more affordable and more available. It was sold as a means of fixing the homeless crisis. Of course, the cities that already had rent control are the cities with the greatest housing shortages and highest rents, but why let reality intrude on a great theory.