Progressive Politicians Don’t Understand Markets or Rich People

Then Rep. Karen Bass, current Los Angeles mayor, shakes hands with President Joe Biden before he speaks about the Bipartisan Infrastructure Law in Los Angeles on October 13, 2022. Saul Loeb/AFP via Getty Images

Commentary

In her State of the City Address, Los Angeles Mayor Karen Bass tackled the city’s homeless crisis. Appropriately delivered on April 15, Tax Day, she demanded the city’s wealthiest residents reach out and help those most in need. But many such politicians don’t understand markets, especially housing markets, or the mentality of rich people.