suppose that the mayor of New York abolishes rent control. A friend of yours who lives in New York complains about the higher apartment rents that result. This friend has never taken an economics class. Explain to your friend why the apartment market is now more efficient because rent control has been abolished. Your explanation should be two paragraphs long and contain a visual, such as a graph or table, that illustrates your argument. Include in your answer whether you think it’s likely that your friend will change her opinion of rent control on the basis of your analysis.

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Rentcontrol abolition will help the more stable areas of New York for a very crude reason The increa... View the full answer