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Price Ceiling on Rents in New York: A Major Issue

In order to safeguard tenants against exorbitant housing prices, price limitations on rent, a much-discussed policy, have been implemented in New York. Despite the good intentions behind such rules, this essay examines how the cap on rent prices has grown to be a significant problem, causing unforeseen consequences and impeding the New York housing market as a whole.

The lack of rental housing is one of the main problems brought on by rent price caps. Landlords have little motivation to maintain or invest in rental properties because they are unable to charge market rates for their assets. As a result, there are fewer and lower-quality housing options available as landlords struggle to pay for maintenance and other expenses. The shortage makes the housing problem worse by giving many inhabitants very few options and raising the level of competition for reasonably priced rents.

Investment in rental properties may be discouraged by the implementation of rent control laws. The uncertainty and constraints provided by price caps may cause investors and developers to steer clear of the New York housing market. The growth of the rental housing market is hampered by this decreased investment, which also limits the supply of new homes and exacerbates the housing crisis.

The housing market is inefficient because of the rent price cap. Due to capped rental rates, landlords may look to other sources of income, such as turning rental apartments into condominiums or turning residential properties into businesses, where rules may be less onerous. As a result, there are fewer rental properties available, making the housing scarcity worse.

Furthermore, rent caps frequently benefit long-term tenants who have been fortunate enough to locate affordable property, while it can be extremely difficult for newcomers and people with urgent housing requirements to find such a home. This furthers wealth disparity and widens the gap. Rent caps deter landlords from making improvements or maintenance expenditures. Rent control's limited earning potential makes it difficult for landlords to justify making renovations to their properties. Consequently, rental properties could degrade over time, creating poor living circumstances and escalating the shortage of high-quality housing options.

In conclusion, even though the aim of price ceilings on rents in New York is to protect tenants from skyrocketing housing costs, it has its obvious consequences. In order to protect both the interests of tenants and landlords innovative policies relating to affordable housing policy should be taken up by the government.



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The Effectiveness of Nudge Theory in helping consumers to make better choices

Nudge theory is modern concept for understanding how customers think, make decisions, and behave, helping customers improve their thinking and decisions, managing change of all sorts. Identifying and modifying existing unhelpful influences on customers. Nudge theory strongly suggests that consumer behavior can be influenced by small suggestions and positive reinforcements.

Effect of Nudging on stakeholders can be understood by the concept that well-placed ‘nudges’ can reduce market failure, save the government money, encourage desirable actions and help increase the efficiency of resource use. Some argument has been made on how nudges can be misused and become a form of social engineering or way to encourage consumers to buy goods they don’t really need. This shows that Nudge theory is based on understanding and allowing for the reality of situations and human tendencies.

Nudging has got some possible positive outcomes. For individuals, most obvious advantage of nudging is that it can help make better choices that will make them healthier and richer. For example McDonalds implementing the nudge theory by keeping the healthier food options within the reach of its consumers. For example; the touch screen menus had their middle options filled with non sugary drinks as the middle options are often seen first by consumers. The second mechanism used by them, they moved sugary drinks from the first position to the last position replacing it with coke zero. As most customers will look and buy the drink listed as the first option. Nudging can also be used to promote healthier lifestyle choices, such as placing fruits, vegetables, and other healthy foods on shelves that are easier to reach, or offering gym memberships along with other related purchases. For the society Nudging can be beneficial For instance, it could be used to encourage more people to become organ donors, reducing the wait for people who require organ donations and thus saving more lives. Nudging helps in informing and empowering customers for instance, After the COVID-19 vaccine was introduced; some governments also used nudging to increase vaccination rates. This included sending reminders or informing people about the benefits of the vaccine through the voice of healthcare workers or other expert speakers. Some messages were targeted to ensure they came from people who were representative of an individuals’ own community, who were similar to them and who they could directly empathies with. These different elements of expertise and similarity in the messenger help to reassure and encourage people when making decisions.

Effect of Nudging on stakeholders can be understood by the proponents of nudge theory which suggest that well-placed ‘nudges’ can reduce market failure, save the government money, encourage desirable actions and help increase the efficiency of resource use. Critics argue nudges can be misused and become a form of social engineering or way to encourage consumers to buy goods they don’t really need.

Nudging can also bring some negative outcomes as getting it right is not always easy one of the reasons why nudging is difficult to implement is that its outcomes are not always easy to predict. Even in cases where the behavioural effects of an intervention seem obvious, nudging can backfire and even lead to entirely opposite outcomes. For example, if a project aimed at reducing the average household's energy consumption by sending out letters informing people of how much they were using compared to others in their neighbourhood. While these letters prompted some high consumers to limit their energy use, it also had unexpected effects, with people who learned that they consumed less energy than others in their area started increasing their usage. Another disadvantage is inappropriate use of nudging For instance, when devising deceiving marketing strategies that encourage people to buy a specific product, example:  while purchasing a meal from a fast food centre, asks customers to increase the size of the meal (a larger soft drink and fries or a larger popcorn) for a slight increase in the total amount, which misleads the customer and is a bad nudging .

Thus, Nudging has become an effective and relatively inexpensive way for policymakers and organisations to persuade people to do the right thing. But it is important to consider the possible disadvantages of nudging while devising new interventions as this could help to significantly mitigate against unexpected outcomes and undesirable effects.

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Being Fierce,Fearless and Flawed

Digging through Priyanka Chopra’s speech about 'Breaking The Glass Ceiling: Chasing a Dream.

The speech given by Priyanka Chopra illustrates her views on success and ambition. Through her narration she persuades her viewers to be driven and to live according to their own terms. She adopts a lucid and conversational style that helps her connect with her young audience almost instantly.

The bond that one creates with one’s commitment is unbelievably intense. If you have the passion for it you can surmount any obstruction to get there. Being a hard worker is a nature of mind that one needs to proudly claim. Her relentless effort to make the crowd understand that ‘Nothing in life comes for free’ is portrayed  through her words when she says “I wanted to smash and break every obstacle that came my way”. Her genuine desire to do something can be sensed through her words smash and break. This reiterates that a person who has  a plan can go to any extent to execute it. It also unfolds that no can accomplish his or her victory without walking through the path of failure and hardship.  Improvement  is a powerful word, arguably sometimes it holds more weightage than your accomplishments. It not only showcases your gradual progress but also highlights your downfalls and your endless fights against it. It helps in conveying to people that the grunt work put behind a victory is not something easily acquired. No humankind can ever say that they have achieved perfection ,there is always a room for improvement. This statement is supported by Priyanka Chopra when she states that” I wanted to evolve. I wanted to become the best version of me”. Thus, we see the context here is emotional because it has to do with the bond that she creates with her fellow audience. She portrays herself as one like any other person seated in the crowd.

Priyanka Chopra Speech: Be Fearless - English Speeches

Learn English with Priyanka Chopra. Watch, Read, and Listen this Speech. Here you have the resources that you need keep your English learnin