New York City has passed an ordinance stating that apartment rents can go no higher than $1000 dollars a month. Renters in the city are jumping for joy. For years they were paying an average rent of $1500 dollars a month. Draw and label a supply and demand graph that illustrates the New York City apartment rental market at equilibrium and after the new ordinance. Show on the graph and explain the consequences to the apartment rental market because of the new ordinance.
