Homework: After nearly 20 years of rent control in Berkeley, CA, the law was eliminated and led to an estimated rise in rents of almost 40%. Using a supply-and-demand model, illustrate how the law and then its elimination affected the rental housing market. Discuss the effects on the equilibrium price and the quantity of housing rented.
In a Word document of approximately 1-2 pages (12 point Times New Roman or Arial), please address the scenario above.