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Essay On Underground Economy

737 Words3 Pages

Name: Yao Liu Course: Econ 4597.01 Date:1/29/2018 First Homework Assignment Underground economy comprises the exchange of goods and services that are not officially recognized by the government. Therefore, these operations are not subject to taxation. Although dealings in this economy include income from citizens in self-employment, most underground economy transactions involve shadowy procedures in contraband and other illegal substances. Formal corporate players may also engage in unsanctioned businesses, for example with the intention of evading government control. The controversies regarding rent regulation in the United States’ real estate market has triggered fears of the deliberate involvement of landlords in the underground economy. …show more content…

Renters staged demonstrations and succeeded in influencing the City Hall to enact rent control laws. However, the landlords overturned this provision through lobbying and abolishing rent control through a statewide ballot (“The Massachusetts Condominium Conversion Statute, Chapter 527 of the Acts of 1983” 1). The rent wars dominated the state politics for over twenty-five years as opposing camps struggled to elect their sympathizers in political office (Brady 15). The current arson scenarios experienced in several states imply underhand dealings among property owners. Rent regulations deny landlords the liberty to charge market rates for their houses, which leads to diminished profit margins. Homeowners have previously used political processes to influence de-regulation, but most of these efforts have failed to overcome the political pressure to provide affordable housing for citizens. The increasing fires in low-cost housing neighborhoods are attributed to the schemes of landlords to indirectly evict tenants and re-sell their houses for high prices. Insurance companies also have a role to play in the fires; when the houses burn, the landlords place a claim for compensation from these companies (Brady 15). Most of the houses that experience fires are old buildings where the landlords are compelled by the government regulations to charge limited rents against their

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