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A comment on Do rent controls work?. Parent comment

Re:Do rent controls work? by cperciva on Tuesday September 01, 2015 @12:44AM (#10150771)
If $3000 is the market-clearing price for people chasing 5% of SF's housing stock, I can guarantee you that the market-clearing price would be less than $3000 if 100% of SF's housing stock needed to be cleared.
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Re:Do rent controls work? by jrochkind1 on Tuesday September 01, 2015 @11:49AM (#10153206)
Demand changes too though, don't forget. There are people living in the S.F bay area who would be living in S.F. proper if the prices went down, there is surplus demand waiting in the wings.

S.F. and Manhattan are both geographically limited ultra-high-price islands within larger metro areas (and of course people can move in and out of entire metro areas in response to price too), which, among other things, seems like it should make the market more complex than a simple supply-demand curve from a micro-economics 101 textbook.

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