People who qualify for affordable housing in Sydney, Australia, have their rent capped at (30 %) of
Question:
People who qualify for affordable housing in Sydney, Australia, have their rent capped at \(30 \%\) of their gross annual income. People who live in private rental properties in the city are not subject to rent control. Sydney's goal is to designate \(7.5 \%\) of all housing in the local area as affordable housing by 2030 to allow people who qualify for it to live close to work and maintain employment. If the total demand for rental housing does not change when rent controls are introduced for only some properties in that market, what happens to the equilibrium price and to the equilibrium quantity in he total rental housing market, the part of the market subject to rent control and the part not subject to rent control?
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When rent controls are introduced for only some properties in the rental housing market it creates a segmented market with two distinct segments affor...View the full answer
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