Unlimited Attempts Allowed Details 10 The situation described below has happened in the fictitious city of Stocktonia. Read the situation. Identify the problem and its solution from an economists perspective. Then list the present, future, intended, and unintended consequences of that solution. Think about the role of cost-benefit analysis, resources/scarcity, and marginal analysis. Situation: People complain that the rent is too damm high (Political Party 2005) and it as become to expensive to live. The Stocktonia City Council enacts a rent control ordinance limiting the maximum amount of rent a landlord may charge for certain properties. Most of the people of Stocktonia can afford the new dirt- cheap rent. Eventually, landlords realize they have no need to maintain the restricted properties-they don't generate any income, and the people living there can't afford to live anywhere else. The landlords completely ignore the restricted properties. They focus all their time and money on nicer, profit-yielding investments. After ten years, the rent-controlled buildings are falling apart. They're unsafe and unsanitary and the only tenants are drug dealers. Choose a submission type