Early in microeconomics, I learned that rent control leads to housing shortages because those willing to purchase houses at the price ceiling outnumber the houses actually available at that price. Taking it a step further, what sort of economic ramifications might one expect to see as a result?
This is inspired by a real life situation. I have heard a lot of complaining that our town (population ~30,000) keeps constructing low-income housing and I am curious if the town is simply making these decisions from an ethical standpoint or if there is some sort of greater economic outcome on the horizon.
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Economics For Your Momconomics 