Question: Some cities impose rent control laws which are price controls
Some cities impose rent control laws, which are price controls or limits on the price of rental accommodations (apartments, houses, and mobile homes). As of 2011, New York City alone had approximately one million apartments under rent control. Show the effect of a rent control law on the equilibrium rental price and the quantity of New York City apartments. Show the amount of excess demand on your supply- and- demand diagram.
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