Imagine if the Mayors of Beverly Hills (CA), Lake Forest (IL), and Mercer Island (WA) were to decree a maximum apartment rent in each locale of $1,000. Would anyone doubt that there would be a lot of takers? Then reality would intrude.
Apartments for rent in the three very well-to-do areas mentioned would soon vanish. No apartment owner is going to accept such a low number for property that would command quite a bit more in the real marketplace.
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