The Economic Way of Thinking 13th Edition by David Prychitko, Peter Boettke, Paul Heyne

Exercise 1

Do price controls keep the wealthy from obtaining more than the poor? One reason that local governments sometimes impose rent controls is precisely to prevent money prices from rationing scarce residential space. Do the controls succeed in doing this? How has it happened, do you suppose, that most of New York City's rent-controlled apartments are occupied by relatively wealthy people?