Problem
In 1999, after nearly 20 years of rent control in Berkeley, California, the elimination of the law led to an estimated rise in rents of nearly 40%. Using supply-and-demand models, illustrate how the law and then its elimination affected the rental housing market. Discuss the effects on the equilibrium rental price and the quantity of housing rented.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.