Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price.
When cities prevent landlords from charging market rents, which of the following are common long-run outcomes?
A) The future supply of rental housing units increases.
B) Efficient use of housing space results.
C) Nonprice methods of rationing emerge.
D) The quantity of available rental housing units falls.

Question

07-03-2020
Business

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Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price.
When cities prevent landlords from charging market rents, which of the following are common long-run outcomes?
A) The future supply of rental housing units increases.
B) Efficient use of housing space results.
C) Nonprice methods of rationing emerge.
D) The quantity of available rental housing units falls.

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Answer:

D) The quantity of available rental housing units falls.

Explanation:

Price ceilings often carry long-term disadvantages, such as shortages, extra charges, or lower quality of products.

Price Ceilings major long-term effect is for goods to be in high demand but supply to be in shortfall creating an ongoing presence of a black market

Therefore when cities prevent landlords from charging market rents, the definite consequence and common long-run outcomes is that the quantity of available rental housing units falls.