Monday, May 10, 2004
This is the supermodel Kim Alexis. She lives in an cheap apartment in New York. The apartment is not cheap because it's in a poor state or in a bad neigbourhood. The reason why her big down town apartmet is cheap is due to rent control.
We have seen one presentation of price controls. This is another unfortunate result of rent controls. It is not possible to rent the apartment at market levels, so rich people often end up renting dirt cheap apartments.