How does the idea that production costs determine value lead to support for rent controls on apartments

Question:

How does the idea that production costs determine value lead to support for rent controls on apartments when the demand for living in an area increases? Why doesn’t this myth get invoked to hold up prices when demand for living in an area decreases?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

Question Posted: