Why does a rent ceiling create an inefficient and unfair outcome in the housing market?

What will be an ideal response?

A rent ceiling creates inefficiency because at the quantity of apartments that are rented, the marginal social benefit exceeds the marginal social cost. Rent ceilings are unfair under the "fair rules" approach because rent ceilings prevent voluntary transactions. Rent ceilings are unfair under the "fair results" approach because there is no assurance that apartments go to those with lower incomes. Indeed, rent ceilings lead to discrimination, which is perhaps the antithesis to fairness.