Do all Miami Locals Have the Same Interests?

Source: EconLog
by Pierre Lemieux

“Different individuals not only have different preferences or values but also, whatever the degree of equality in their society, face different circumstances. Not surprisingly, these two sets of conditions will typically imply different evaluations of specific social (including economic and political) phenomena. A banal example is given by a title in yesterday’s Wall Street Journal: ‘Miami Locals Are Steamed Over Relocating New Yorkers Driving Up Apartment Rents.’ The subtitle reads: ‘Apartment rents have soared 58% in the Miami area over the past two years, and in some cases doubled over last year’ Some of the apartments, condos, or houses for rent may belong to ‘bad’ out-of-Miami landlords, but certainly not all. The increase in housing rents brings corresponding benefits to Miami residents who may decide to rent their houses or parts of them.” (05/11/22)