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Please read the article: http://www.dailynews.com/government-and-politics/20160823/rent-increase-plan-dropped-for-los-angeles-city-owned-senior-building
then answer the following questions:
1) What is a price ceiling?
2) Why is there a need for rent control in Los Angeles?
3) How does rent control affect the real-estate market?
4) Are you in favor of rent control or not, and why?
5) What needs to happen to prevent scarcity from re-occurring in the future?