The economics come later, in a section dealing with luxury, a subject of obsessive philosophical interest in the 18th century.
Second, what counts as luxury is subject to constant change: today's luxury goods may be 'common or garden' variety goods tomorrow.
"But that is also its strength," he said, "because there is always an active market for such housing while luxury housing is subject to boom and bust with the rise and fall of the economy".
The board's actions do not cover rent-controlled apartments, a separate and shrinking category of low-cost housing, or the increasing number of luxury apartments not subject to rent regulations, although the board's ranges can be influential in the market.
Back in August, 'challenger' bank Tandem said that it had signed an agreement to acquire Harrods Bank, the banking arm of the U.K.'s most famous luxury department store, subject to regulatory approval.
Schools have emphasised the importance of STEM - Science, Technology, Engineering and Maths, while art has been seen as a luxury, the first subject to be axed in an age of austerity.
Magnus Breitling, director of product management for the chair maker Emeco and formerly with Vitra, the Swiss furniture company, set me straight on the subject of luxury sofas.
Vehicles weighing more than 6,000 pounds are not subject to luxury car" rules that limit first-year depreciation for most regular cars.
In fact, Mr. Weinstein said, he has represented at least one tenant who ended up purchasing an apartment -- basically, on the sponsor's terms -- primarily because the tenant knew his apartment would soon become subject to luxury deregulation.
