Rent prices in NYC/Jersey City/Newark

Please read the requirements. The questions are mentioned there. Answer all three questions: 1. Why do you think rent prices have been increasing so much in NYC/Jersey City/Newark? (ie why is there rising demand for land with limited supply?) 2.According to Polanyi why would a free market in local real estate and apartment rentals result in social disaster (slide 11)? Give specific examples. 3.Why are rent control laws necessary for NYC/Jersey City/Newark?

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