During World War II, New York City instituted rent-control laws limiting the maximum amount that could be charged to renters. What was the likely result of this action? Assume the market was in equilibrium before the rent controls were passed, and the rent controls are binding.

Question

13-02-2020
History

contestada

During World War II, New York City instituted rent-control laws limiting the maximum amount that could be charged to renters. What was the likely result of this action? Assume the market was in equilibrium before the rent controls were passed, and the rent controls are binding.

Respuesta :

Otras preguntas

How did Theodore Roosevelt’s Square Deal help the environment? by regulating the food industry by preserving the nation’s forests by suing a railroad trust by l

the mitochondria are called as what?

a function: " Take the current value and subtract 1.42 to get the next value. " if a graph connects all of the values of the function, what form will it take?

D=m/v*Need the givens, unknown, equation, substitute, and solve.*

How could media prejudice affect a democratic candidate's campaign

Identify the center and intercepts of the conic section. Then find the domain and range.

Which definition best describes an acid?

Can u pls help me with #12. Thanks

Another word for Paramount is..

The image above shows the positions of the Earth, Moon, and Sun during a

sebastiansierraocm sebastiansierraocm · Answer 1 · 2020-02-14T06:01:20+01:00

Answer:

The effect of rent controls is less housing, and higher prices of the existing housing.

Explanation:

This is because binding rent controls do not allow prices to reach equilibrium, and this causes a difference between supply and demand.

Supply stays low, and does not meet demand, creating a shortage. The shortage causes both more scarcity of housing, and higher prices for existing houses, because demand is much higher than supply.

I will provide an image below that illustrates the effect.