When my parents were married in 1948 there was a severe shortage of housing in New York City. The severe shortage was directly caused by New York City rent controls. My parents did find a 600 square-foot flat in the Bronx for $51 a month rent. Due to rent controls, this was lower than the market clearing price; and there were many applicants to rent the apartment. How did the landlord select among the many applicants for the apartment? He placed cheap furniture in the apartment and, before awarding the lease, required the renter to purchase the furniture. The price of the furniture was $2100 which is just under $20,000 in today's dollars. As you can imagine, raising that money in 1948 was a huge undertaking. My parents raise that sum, rented the apartment, and then promptly threw out most of the furniture that they had purchased. The purchase of the furniture was essentially a bribe to the landlord.
The Politics of Hate
The Politics of Hate
The Politics of Hate
When my parents were married in 1948 there was a severe shortage of housing in New York City. The severe shortage was directly caused by New York City rent controls. My parents did find a 600 square-foot flat in the Bronx for $51 a month rent. Due to rent controls, this was lower than the market clearing price; and there were many applicants to rent the apartment. How did the landlord select among the many applicants for the apartment? He placed cheap furniture in the apartment and, before awarding the lease, required the renter to purchase the furniture. The price of the furniture was $2100 which is just under $20,000 in today's dollars. As you can imagine, raising that money in 1948 was a huge undertaking. My parents raise that sum, rented the apartment, and then promptly threw out most of the furniture that they had purchased. The purchase of the furniture was essentially a bribe to the landlord.