In cities around the country, the government provides assistance to families with low incomes to rent apartments at prices capped by the U.S. Department of Housing and Urban Development (HUD), essentially setting a price ceiling on apartments. The designated apartments tend to rent quickly, and tenants are less likely to move once they find an apartment.
Assume the price ceiling is set below market equilibrium and no government subsidies are offered to landlords.
What are the most likely outcomes in terms of availability of rent-controlled apartments and ongoing maintenance of rent‑controlled apartments?