New York Wipes Out Ticket Resale Regulations
New York state has been one of the few states to maintain regulations against ticket reselling. Until now…The NY Daily News reports that new legislation will be signed today to let fans sell their tickets on the web with no price restrictions.
The change wipes out a law that made it illegal to operate in New York state and charge more than 45% markup on tickets.
The rationale behind changes like this is that removing restrictions will make it a free market. And prices in free markets are driven by supply and demand.
New York City is a market, that has traditionally had some of the highest priced tickets in the country. Part of that is the cost of goods in the city is higher than anyplace else in the US. But the restrictions against resale of tickets within the state, also contributed to the higher prices. So removing those restrictions will actually bring down prices for some NYC events.