This still doesn't make sense to me because people will often stay in the same place that they may not like that much specifically because the landlord hasn't raised rent that much, even if they can afford to move. They can't justify it. Or California landowners that don't sell because of whatever that rule they have is that figures property tax against original price or whatever.
It doesn't seem liquid enough to justify an increase in cost of rent the instant minimum wage goes up or UBI is implemented. My point is that a lot of these "markets" are really just price controllers setting price as they please, and landlords particularly feeling like they're special and get to lay claim to some arbitrary percentage of people's income. Which, for structural reasons, they can do.
It doesn't seem liquid enough to justify an increase in cost of rent the instant minimum wage goes up or UBI is implemented. My point is that a lot of these "markets" are really just price controllers setting price as they please, and landlords particularly feeling like they're special and get to lay claim to some arbitrary percentage of people's income. Which, for structural reasons, they can do.