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:

1. The effects of rent control on equilibrium price and quantity of apartments offered
2. Incentives for apartment owners to build new apartments
3. The ability of long-time renters to remain in their housing
4. 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?

Be sure to reference at least one scholarly source to support your answer.