What Are The Positive And Negative Effects Of Rent Control
1. Introduction Rent controls, also known as rent regulations, have been introduced in the 20th century and are still a serious issue in several countries. The reasons for introducing rent controls are backed up by historical events and evolved throughout decades. “The controls imposed during the 1970s differed significantly from the first-generation rent control programs. They have been termed variously “soft Rent Control”, “second-generation” rent control, rent review and rent regulation” (Arnott, 1995, p.101). The urge for a government to implement a rent control cannot be globally standardized and depends on many factors, such as demographic- and geographic characteristics as well as the overall national economic prosperity. Furthermore, there are different types of rent controls, such as the tenancy rent control, maximum rent system, rent freeze systems or the split systems. New York is one of the few cities worldwide which had continuously, since the 1950s an imposed law regulation concerning rent controls, while many other cities have abandoned price ceilings. The purpose of this paper is to examine the positive and negative impacts of the the implementation of rent controls in New York (USA) regarding the social and economical effects. This paper starts with providing the background information of rent controls to serve a clear overview. Secondly the economic theory is introduced, including an appropriate model which is applied to New York’s market. Thirdly, the
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