Breaking news: economics works

by Nicole Gelinas

Last month, New York mayor Mike Bloomberg took to the airwaves to marvel at … basic economics.

As the Times reports today, the mayor pronounced himself befuddled at the result of a four year-old experiment in housing policy. Said Bloomberg in a radio interview:

You never know what motivates people. Our theory is that some people have been coming into the homeless system … in order to qualify for a program that helps you move out of the homeless system.

In fact, you always know what 

The city offered lavish monthly rent subsidies to people who declared themselves homeless, and more people declared themselves homeless. Said Bloomberg:

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