In the 1940s, rent controls were widely used in New York City, and to this day, tenants in rent-controlled apartments continue to pay low rents as long as they do not move. As a result, some of New York’s prime real estate is renting for a fraction of the true market value. Explain how the existence of rent controls affects the market prices for non-rent-controlled apartments. How are incentives by New York landlords affected in terms of maintaining rent-controlled and non-rent-controlled apartments?