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- What does rent control do to the pricing and supply of apartment, units? According to the Wall Street Journal, "Rent control disproportionately subsidizes the affluent. A Harvard University study in the late 1980s found that rent-controlled apartments were in some of the city's best neighborhoods, that 94% of their tenants were white, and roughly three-quarters of their occupants were families without children." Do you think NYC should maintain rent control?Question 12If rent controls are so counterproductive, why do cities impose them? How else might the housing problems of poor people be solved?
- Question 13.13 Which of the following is a consequence of rent controls established to keep housing affordable for the poor? Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices. The quality of rental housing declines as landlords lack the funds and incentive to maintain properties. Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled. All of the above are consequences of rent controls.The table shows the demand and supply schedules for on-campus housing. If the college puts a rent ceiling on rooms of $600 a month, what is the rent, how many rooms are rented, and is the on-campus housing market efficient? CELEB If the college puts a rent ceiling on rooms of $600 a month, the rent is $ and the number of rooms rented is Rent (dollars per month) 500 550 600 650 700 750 Quantity demanded 5,000 4,500 4,000 3,500 3,000 2,500 (rooms) Quantity supplied 4,500 4,500 4,500 4,500 4,500 4,500Problem 6. See the figure below. If the government decides to restrict the quantity that is sold to 100: 6.1. How much of the good will be sold at that price? 6.2. What is the demand and supply price at that quota? 6.3. What is the quota rent in this market? Who gets the quota rent? Price 20 15 10 A B D LL F C E 100 250 Quantity S D
- The equilibrium rent in a town is $500 per month, and the equilibrium number of apartments is 100. The city now passes a rent control law that sets the maximum rent at $400. The diagram on the right summarizes the supply and demand for apartments in this city. Use this figure to complete the tables below. (enter your answers mathematically as the sum of the areas. Eg., A+C-B. Simplify your answers.) TABLE 1: Before Rent Control Consumer Surplus Producer Surplus Social Surplus Price 500 400 A C F 60 B D 100 D Quantity ✓ ✓ Gthe cities of Woburn and Peabody are five miles apart. Woburn enacts a rent control law that puts a ceiling on rents well below their competitive market value. Predict the impact of this law on the competitive equilibrium rent in Peabody, which doesn't have a rent control law. Illustrate your answer with a demand and supply graphConsider the attached graph showing the supply and demand for rental apartments around the UH. campus. If the government were to subsidize housing by $1000 per unit per month, then the quantity of rental apartments would____ (increase or decrease) by____ thousand units. The rental price received by landlords inclusive of the subsidy would ____(increase or decrease) by_____ dollars per month while the price paid by tenants, net of the subsidy, would____ (increase or decrease) by____ dollars per month
- A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company’s anticipated demand over the lifetime of the bridge: If the government were to build the bridge, what price should it charge?The graph shows the rental market for apartments in Alexandria, Virginia. If the city government imposes a rent ceiling of $1,200 a month, what is the rent and how many apartments are rented in Alexandria, Virginia? If a black market develops, how high could the black market rent be? >>> Remember that the quantity given on the x-axis is in thousands of apartments. (...) The rent is $ 1200 a month and 2000 apartments a month are rented. If a black market develops, the black market rent may be as high as $2400 a month. 2800 2600- 2400 2200- 2000- 1800- 1600- 1400- 1200- 1000- 800+ 0 Rent (dollars per month) D 2 4 6 8 10 Quantity (thousands of apartments) L S 12 Q Q Time Remaining: 00:18:51Using the demand and supply graph given below, explain the impact of the ban in the market for cigarettes.
