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Hurricane Harvey Essay

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Ester Fung, an author for “The Wall Street Journal,” wrote an article discussing the impact of the damages, as a result of Hurricane Harvey, on the industry of self-storage space. Hurricane Harvey was accountable for the loss of countless homes, offices, and schools, consequential in the displacement of thousands of people. In the days following the hurricane, self-storage companies such as Life Storage Inc., which owns and operates 69 storage locations in Houston and Beaumont, witnessed an accrue of demand. The self-storage industry in the Houston area was anticipating a rise in vacancy from 11.2% in the second quarter to 12.2% by the end of 2017. After Hurricane Harvey, the demand for storage might alter those projections depending on if …show more content…
We learned that market equilibrium is a state of stability or balance in which buyers and sellers engage in a transaction. Producers exchange their good or service to consumers in exchange for money. The state where the quantity demanded of consumers (demand curve) meet the price of supply (supply curve) is where the state of equilibrium takes place. The state of equilibrium can be altered due to either a change in the demand or supply curve. A change in the demand curve can be attributable to a change in a substitute or complement, a change in habit, a change in income, a change in time or harsh weather conditions, and an increase in technology. A shift in the supply curve can be due to an increase in technology, a change in input prices, a change in the number of competing firms, and a change in time or harsh weather conditions. In the case of Hurricane Harvey and its effects on society, the tragic conditions in the aftermath of the storm have impacted the state of equilibrium, further increasing the demand for self-storage. People need to store their displaced items somewhere since they no longer have their homes. Therefore, there is a greater demand due to the harsh weather conditions which cause the demand curve to shift to the right and also shifting the equilibrium to the right. The situation in Houston and the trauma that the people were put through is living

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