How has rent control worked in New York City? Exactly as textbooks would have predicted, according to this essay by William Tucker in the New York Post.

During the 1920s, builders put up nearly 100,000 new apartment units a year. Today we’re lucky to get 5,000.

He points out that rent control leads to a vicious cycle, in which price controls create scarce supplies, which increases the political pressure for controls.
(via ‘Jane Galt’)