Discuss the effects on the equilibrium rental price

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In 1999, after nearly 20 years of rent control in Berkeley, California, the elimination of the law led to an estimated rise in rents of nearly 40%. Using supply-and-demand models, illustrate how the law and then its elimination affected the rental housing market. Discuss the effects on the equilibrium rental price and the quantity of housing rented.

Reference no: EM131324595

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