In some cities, rents have skyrocketed, and long-term tenants find they can no longer afford to stay in their apartments. As a result, numerous proposals have been made to enact rent control ordinances that would keep rents in rent-controlled units below market clearing levels. Use the supply and demand model to illustrate and explain:
(a) The effects of rent control on equilibrium price and quantity of apartments offered
(b) Incentives for apartment owners to build new apartments
(c) The ability of long-time renters to remain in their housing
(d) The ability of newly employed workers to find apartments
Based on your answers, do you recommend rent control as a solution to the problem? What other options could be used to solve the problem? Do you think it is a demand or supply problem or both?
Your response should be at least 150–225 words (2–3 paragraphs) in length, including graphs with explanations. Be sure to reference at least one scholarly source to support your answer.
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