There are things in our world that are unearned and we shouldn't profit from them. Unearned rent is rent that people pay to you that isn't a result of your own productive activities.
Rent control - price ceilings
Consequences of Rent Controls
1. Reduced availability and goods are harder to get - still have competition/rationing
2. Lower quality
3. Money is paid other places - black markets
4. Misallocations - people who want goods don't get them
5. Impact other markets
6. Fairness
7. Discrimination
8. Monitoring/Enforcement Costs - costs associated with regulating leads to costs
-intrusions reduce incentives to keep apartments in the long run and the supply curve shifts/flattens
-monitoring doesn't produces goods/services
-raises taxes
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