Searching for apartments in the LA area – there are 558 listings on zillow in westside LA under 2k$. Many are within blocks of each other, lots are units in the same building. With so much inventory, shouldn’t market forces cause some landlord to lower the rent? Does the economic theory of supply and demand not apply for the housing market?
In: Economics
There are about 4 million people in the LA area. If even 0.0001% of the population wants to move to that area that’s all those listings gone. And that’s not accounting for the many more outside LA that want to move there.
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