The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.
“We know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.
Before I took economics in college I would have downvoted you. Price ceilings don’t solve the problem.
Now that you have studied economics, what do you think he got wrong that keeps you from pressing the “This is factual” button now?
There are countless examples showing it works. Look up France for example.
It’s funny, somehow I managed to understand this before any college. Because supply and demand are supposedly quite intuitive.