"Supply and demand is one of the first things taught in introductory economics textbooks. Why it should be a mystery to people living in an upscale community -- people who have probably graduated from an expensive college -- is the real puzzle. Supply and demand is not a breakthrough on the frontiers of knowledge.
A century ago, virtually any economist could have explained why preventing housing from being built would lead to higher rents, and why rent control would further widen the gap between the amount of housing supplied and the amount demanded. Not to mention such other consequences as a faster deterioration of existing housing, since upkeep gets neglected when there is a housing shortage."
https://townhall.com/columnists/thomassowell/2016/11/01/has-economics-failed-n2239597
A century ago, virtually any economist could have explained why preventing housing from being built would lead to higher rents, and why rent control would further widen the gap between the amount of housing supplied and the amount demanded. Not to mention such other consequences as a faster deterioration of existing housing, since upkeep gets neglected when there is a housing shortage."
https://townhall.com/columnists/thomassowell/2016/11/01/has-economics-failed-n2239597