Reference no: EM131227432
The following linear demand supply curves represent rental housing market in the Fairfax and Loudoun County in 2012.
Qs = 2,000 + 25R - 0.1HI - 15,000PT
Qd = 18,000 - 35R + 0.6HI
where R is the average rent
HI is the average household income ($120,000)
PT is the property tax per $1,000 ($1)
Suppose that HI is $120,000 and PT is $1, what is the market equilibrium rent and the number of rental properties rented.
The County authorities decided to impose a ceiling price (maximum rent) at $1,500, what would be the market shortage (in terms of the number of rental property)?
How much of public funding is necessary to support this rent subsidy program that has the ceiling price at $1,500 in the Counties.
What is the deadweight loss resulting from this rent control policy?
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