Final answer:
The assertion that the Tenant Protection Act 1997 outlines rent control is false. Price ceilings in rent control may lead to landlords reducing maintenance, resulting in lower quality housing for the tenants.
Step-by-step explanation:
The statement in the question regarding the Tenant Protection Act 1997 is false. When discussing the dynamics between landlords and tenants, especially concerning rent control and its implications, it's important to understand the concept of opportunity cost in economics. Price ceilings, such as those used in rent control, do not solely benefit tenants; there are consequences as well.
Landlords might convert rental units into co-ops or condos to avoid rent control regulations. Additionally, landlords may decrease spending on maintenance and necessities like heating or cooling within rent-controlled units. Consequently, while renters may pay less than the market rate for their housing, they often receive housing of a lower quality due to reduced landlord investment in property maintenance.