Some cities impose rent control laws, which are price controls or limits on the price of rental

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Some cities impose rent control laws, which are price controls or limits on the price of rental accommodations (apartments, houses, and mobile homes). New York City alone had over two million rent-controlled apartments in the early 1950s, but only about 27,000 as of 2014. In a supply-and-demand diagram, show the effect of the rent control law on the equilibrium rental price and quantity of New York City apartments, and show the amount of excess demand.

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Microeconomics

ISBN: 978-0134519531

8th edition

Authors: Jeffrey M. Perloff

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