About his housing policy from other members in city council

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The city mayor of Edmond, Charles Lamb, recently has been questioned about his housing policy from other members in City Council. The average rent for a single family house in Edmond is rapidly increasing in the past three years. One proposed solution is rent control. The idea is to set up a price ceiling for the rent in the city of Edmond (for instant, normally tenants pay $1000-$2000 a month for a 1500 -2000 sqft single family house. Rent control can limit the price to be under $800 per month). What is your suggestion to Mayor Lamb based on the knowledge you learned in Microeconomics. (Hint: A shortage in the market)

Reference no: EM131241165

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