Landlords? Ok, they may be excused for not saluting at this particular flagpole, but even the decent ones (are there any such?) cannot but at least be cognizant of the financial plight of many renters.

Why, then, are virtually all economists opposed to rent control. Are they that hard-hearted? Well, yes. This cannot be denied. But that is not the explanation. Rather, it is due to supply and demand analysis.

Even highly credentialled leftist economists denigrate rent control for this reason. In the view of Gunnar Myrdal: "Rent control has in certain western countries constituted, maybe, the worst example of poor planning by governments lacking courage and vision." According to Assar Lindbeck: "In many cases, rent control appears to be the most efficient technique presently known to destroy a city except for bombing."

When a price ceiling is placed below the equilibrium point where supply and demand curves intersect, the latter is greater than the former. That is, a shortage of the commodity or service ensues. This applies to all items bought and sold, whether it is ships and sailing wax or, more to the point, residential rental accommodation.

One way to see things more clearly, whether in economics or any other field, is to take an extreme case. Suppose no rental payment were allowed greater than $1 per month. What would happen then? Simple. There would cease to be any apartments offered for rent. For sure, no new buildings for tenants would be erected. Existing units would be converted to condominiums, or commercial space. If the rent control law did not allow such conversions, landlords would simply walk away from their buildings. No property owner could pay mortgages, heating or cleaning bills, repairs, painting, etc. on the basis of that amount of money. The demand for rental housing at that price would huge, but the supply would be non-existent. In a word there would be a gargantuan shortage of housing.