Is the law of supply and demand as applied to housing stocks really as simple as Professor Sowell says it is? That is, the fundamental cause of high rents is an inadequate supply of housing, and rent controls will not solve the problem of an inadequate supply of housing?
Could it also be true that the reason rent controls are proposed and enacted is widespread lack of understanding of the basic principle of economics, i.e. the law of supply and demand?
I defer to the expertise of Professor Sowell on both questions.
UPDATE: Link was wrong before. I fixed it.
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