1/20/2021 - In this one, I stumble through a very important argument - so don't let the redundant points or stuttering overtake the message - that most markets are much more complex than politicians would have you believe and they set up perverse incentives whenever they intervene. We talk about eviction moratoriums and how the threat of future eviction moratoriums is probably motivating landlords to evict more tenants instead of working things out. We point to how businesses in malls are effectively renegotiating leases (WSJ, 1/12/2021) and it could make sense for residential land owners to be more flexible if they didn't have the looming threat of having their hands tied by future moratoriums. In short, second and third level consequences can be bad and are often overlooked.