Do reporters understand that demand curves slope downward?
This statement in the NY Times caught my eye:
"While New York City has always had a vacancy rate lower than most other cities, rental prices jumped last year by a record 8.3 percent."
So more people wanting apartments then are available is associated with a jump in rental prices? What is the word "while" doing in the sentence?
So more people wanting apartments then are available is associated with a jump in rental prices? What is the word "while" doing in the sentence?
Labels: Economics
posted by John Lott at 3:39 PM
1 Comments:
The best I can come up with is that the contrast is supposed to be between "always" and "record". As in, "NYC has always had a lower vacancy rate but last year rental prices jumped to an even higher level." There are definitely better ways to say that than with "while".
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