However, you failed to address the point of my comment.
The Law of Supply and Demand is immutable. It works always. It is also without mercy, as the citizens of New York have been shown.
Your original statement is wrong.
Just admit it, and move on. With any luck, you will learn something by acknowledging the error of your original statement.
You might as well argue that Newtonian physics don't apply to New York dear firebrand. While you can do it, I'll bet you wouldn't be willing to test your theorem standing while standing in front of a loaded .357 magnum.
Regards,
L
People claim that if only rent regulations were abolished, the law of supply and demand would result in prices evening out across the spectrum of apartment rents, with the lower ones (rent-regulated) going up and the high ones going down.
The situation in New York, however, is not
X - Y = Z,
but a virtually unlimited demand from people willing to pay X. Thus the equation will never result in Z, a happy middle ground determined by economic rules. Instead of there being X and Y, as there are now, or the hypothetical Z, there would be just X. Market rate as it now stands. For all. You can't have a stable formula when there is a virtually unlimited demand willing to step into the breach.