Final answer:
If the monthly rent stays at the 2019 levels due to rent control, the quantity demanded will exceed the quantity supplied, leading to a persistent shortage in housing. This is illustrated by a scenario showing a quantity supplied of 15,000 units versus a quantity demanded of 19,000 units when a rent ceiling is imposed.
Step-by-step explanation:
The question relates to economic analysis of rent control and its impact on the quantity demanded and quantity supplied in the housing market. According to the provided data, if the monthly rent stays at the 2019 level which is subjected to a rent control ceiling, the quantity demanded will likely exceed the quantity supplied. Even as years pass, unless the law changes or the supply adjusts to match demand, the scenario will continue, leading to a persistent shortage.
For instance, with a rent control at $500 when the market equilibrium would have been $600, the quantity supplied remains at the original 15,000 rental units due to the price ceiling. However, with increased demand, quantity demanded rises to 19,000 rental units, resulting in a shortage. This illustrates how price ceilings intended to make housing more affordable can lead to unintended consequences like housing shortages, particularly if the demand continues to increase over time as is possible by 2029.