The Stupidity of Kamala Harris' $25000 Housing Incentive | Thomas Sowell

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economic facts and fallacies quote some things are believed because they are demonstrably true but many other things are believed simply because they have been asserted repeatedly close quote you wish to let that gloomy observation on human nature stand yes all right the biggest economic fallacy about housing is that affordable housing requires government intervention close quote now Tom Tom I have to I have to remonstrate with you no poor person would be able to live on the island of Manhattan or in the city of San Francisco if there weren’t subsid rent control or subsidized low-income housing that these cities forced Builders to set aside when they built their high rises for rich people isn’t that manifestly true no it’s not even remotely true all right explain explain well first first first history uh there were more people I believe living in Manhattan prior to the the rise of of rent control and prior to the rise of government housing projects uh my gosh at one time the Lower East Side of New York was the most tightly uh packed uh place in the world uh New York and San Francisco have very long rent control laws oh and severe ones uh And yet when you look at the cities with the highest rents in the country of any major cities they are number one New York and number two San Francisco so what’s going on why does the political system produce a perverse outcome which is then supported in the Press try to mention a repeal of rent control and the New York Times will go after you immediately AB absolutely well what happens in rent control around the world really because this has been tried so many times uh is that people uh if the rent control is uh severe the people either reduce the amount of housing they build or they stop building housing all together and so what happens the political authorities are then confronted with the situation do you want to have a situation where there is no new housing built and the old housing is wearing out usually faster under red control because the landlords don’t have to keep it up as much uh and so they they step in and and they’ll have one some kind of modification so that well let’s say we’re trying to protect the poor so we won’t regulate luxury housing of course luxury housing and ordinary housing use many of the much the same labor the same same materials and so therefore all the materials that would otherwise have gone into making ordinary housing goes into building luxury housing uh economic facts and fallacies once again if we go back to the beginning of the 20th century before government intervention became pervasive in housing markets we find and this is to me one of the most arresting assertions in the book we find people paying a smaller percentage of their expenditures for housing than at the end of the 20th century in 1901 housing costs took 23% of the average American family’s spending by 2003 it took 33% of a far larger amount of spending what’s going on what’s going on is that they’re restricting uh the amount of housing that can be built and obviously if you restrict the supply while the demand is growing the prices will go up through the roof quono who who benefits from this Arrangement politicians most of all how because they get the reputation of Being for the poor in the down triodent and that they and that they’re setting aside affordable housing units usually in some token amounts uh they are preventing the evil landlords from raising the rent by rent control and uh and they if they’re able to keep the public paranoid that if they take off the rent control you know it’ll be just Skyhigh P prices uh and so they they gain by that both the landlords and and the tenants lose they lose in different ways and to different extents uh the tenants lose because they can’t find a place to stay uh the landlords lose because uh they don’t make the The Profit they would have made otherwise the builders lose because there there’s no demand for uh for apartment buildings if that nobody can make a profit on it all right economic facts and policies once again quote where Builders are allowed to construct Homes and Apartments without severe government restrictions even growing populations and Rising incomes do not cause housing prices to shoot up because the supply of newly constructed housing keeps up with the growing demand as in Houston now would you please contrast Houston with our own Coastal California oh my goodness there couldn’t be a great easy one yes that’s an easy one Houston doesn’t even have zoning laws but whereas to building anything in coastal California is just an ordeal I mean you have not only go you have to go through all kinds of planning commissions I’ve Had The Misfortune of sitting in on two Planning Commission meetings uh I don’t know what it did for my blood pressure watching these people uh the discouragement is huge so someone estimated for example a real estate company that a house that would cost $155,000 in Houston would cost a million dollar in San Francisco right the same house now but Tom what about a place like Las Vegas which overbuilt dramatic and now there are neighbor it’s going to take who knows how many years for the already in place housing stock in Las Vegas to get purchased meanwhile of course it’s declin that was a we could have used a little regulation there couldn’t we well the regulation was was was was one one of the problems uh I don’t think it’s going to take years unless the government’s intervene as it has to keep the prices from falling the people who own the empty houses have every incentive to to rent the houses hous for whatever they can get whe whether that’s I mean I had the very same problem here on the Stanford campus when I moved away that I didn’t sell my house immediately and so I rented it out and I rented it out for an amount that was $100 a month less than the mortgage payment because the alternative would be to have it sit empty and pay the whole mortgage payment myself

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The Stupidity of Kamala Harris’ $25000 Housing Incentive | Thomas Sowell

Truly Right View: Advocating for Free Speech in the Age of Political Censorship

Introduction: What is Free Speech Today?

The Constitutional Perspective: Why Free Speech is Non-Negotiable

Social Media and Cable News: Platforms or Gatekeepers?

Social Media Influencers: Fighters for Freedom or Puppets of Censorship?

The Dangers of Socialism, Communism, and Fascism: A Threat to Free Speech

The Truly Right View: Defending Freedom in the Digital Age

Join the Fight: Sign Up for Our Channel and Newsletter

Will You Speak Up or Stay Silent?

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