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Go to the Cato Institute's home page (www.cato.org) and read the article - How Rent Control Drives Out Affordable Housing by William Tucker. After reading

Go to the Cato Institute's home page (www.cato.org) and read the article - "How Rent Control Drives Out Affordable Housing" by William Tucker. After reading the article, answer the following questions:

a. What is a shadow market and why does one develop when there is a rent control?

b. Why is housing a particularly easy good to hoard? How does this affect newcomers to a city?

c. How do vacancy rates compare among cities with and without rent control? Does this make sense within the demand/supply framework? Why/why not?

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