17 June 2019 FT — Articles to Read

Question: What area ranks #1 in average student loan debt?

India raises tariffs on US goods after losing access privileges – Pg. 4

  • India has raised tariffs on US goods in retaliation for Washington’s decision to strip New Delhi of preferential access to the American market
  • The increase in tariffs on more than 20 types of goods, including almonds, apples, and walnuts, took effect on June 16, ….
  • US-India bilateral trade reached $142bn in 2018, a seven-fold increase since 2001, ….
  • New Delhi’s loss of privileges under Washington’s generalized system of preferences (GSP) – a programme to aid the economies of less developed countries – will hit around $6bn worth of Indian goods previously imported into the US duty-free

New York property barons lose grip on state politics – Pg. 4

  • …collective wail of the city’s landlords, stung by new rent-control legislation that signals the end of their 25-year grip on state politics
  • Broadly speaking, the legislation will make it harder for landlords to remove 1m or so apartments from New York’s various forms of rent control and instead charge market rates.  Under the current system, that has been allowed when, for example, an occupant earned $200,000 or more for two consecutive years, or when they vacated a protected unit whose monthly rent exceeded $2,774.  No more
  • The changes will also cap the spending on improvements that can be passed on to renters.  It will also make permanent rent control law that, until now, have been subject to periodic review
  • The new state regulations will hit landlords, particularly those with older rental properties in New York’s outer boroughs
  • Rent controls have been a particular obsession.  They were instituted during the second world war to prevent profiteering and later to help returning soldiers facing housing shortage.  Developers argue that they worsen the problem by in effect keeping apartments out of the market

Answer: DC @ $55,882 (Prof Note: MD is third at $40,630)