3. Effects of rent controlRent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price.When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply.The future supply of rental housing units increases. Black markets develop. Efficient use of housing space results. Nonprice methods of rationing emerge. 3. Effects of rent controlRent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments,because the quantity of apartments demanded is greater than the quantity supplied at the regulated price.When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply.The future supply of rental housing units increases.O Black markets develop.O Efficient use of housing space results.O Nonprice methods of rationing emerge.

Answered: . Effects of rent control Rent controls…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Effects of rent control

Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price.

When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply.

The future supply of rental housing units increases.

Black markets develop.

Efficient use of housing space results.

Nonprice methods of rationing emerge.

3. Effects of rent control
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments,
because the quantity of apartments demanded is greater than the quantity supplied at the regulated price.
When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply.
The future supply of rental housing units increases.
O Black markets develop.
O Efficient use of housing space results.
O Nonprice methods of rationing emerge.

Expert Solution

Step 1

Rent control is a government policy that limits how much a landlord can charge for renting a residence or renewing an existing lease. Municipalities frequently enact rent control legislation, and the details vary greatly. All are aimed at keeping living costs low for low-income residents.

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