Price Ceiling $-$ Rent Control

Questions #$3,$ #$4$ and #$5$ are related to rent control.

Suppose the New York city mayor hires Aeon Insights to evaluate the city's existing rent control policy. Specifically, the city would like to know whether the policy benefits low$-$income earners in finding affordable apartments. This project has been assigned to you. The city provides you with the following information:

Demand for apartments: P $=6,000-2$Q

Supply of apartments: P $=1,000+3$Q$,$ where P is the monthly rent and Q is the number of one$-$bedroom units.

Policy #$1$: No rent control, the equilibrium corresponds to demand $=$ supply.

Policy #$2$: Rent control, at $$2,500$ per month, per unit.

$$

The SS under Policy #$2($compared to Policy #$1)$ has fallen by $Answer