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The housing market

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The Housing Market: Factors like pandemic, wars, political unrest, government interventions, etc.. can impact the economy in general and businesses in particular. One concern has been noted is on the declining housing prices recently brought about by the increase in interest rates to lessen the impact of rising inflation. On the part of potential homebuyers and consumers, middle income earners are finding it harder to own their own dream houses. In our discussion of demand and supply, we said that the government can intervene in the market in cases where the equilibrium price is not the acceptable price by imposing a price floor or a price ceiling. Assuming that the government intervenes in the housing market by regulating the price of houses/apartments/condominiums, what do you think would be the government's best option, (a) a price ceiling, or a (b) price floor? Who will benefit more from such option chosen? Would choosing an option better or would it be better to leave the workings of a "free market" to take its course?

Reference no: EM133313873

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