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Review and assess the options open to policy makers if their goal is to increase the...

Review and assess the options open to policy makers if their goal is to increase the availability of affordable housing in an area. Make sure to discuss both pros and cons of each potential approach.

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The first option for the policy maker is to set price control measures and set the price ceiling so that house owners cannot charge higher price to the people who want to rent the house or apartment. It has the benefits that people can get house at a price that can be paid by them and consumer welfare increases. But, cons are that, number of house available in the market can decrease in the long run and house owners can go to the black market to sell or rent their house. It will cause consumers to pay more even if official price ceiling is applied in the market.

The second option for the policy maker is to give direct subsidy to the housing property owners and suppliers. It will increase the supply of  housing property in the market and price decreases. Now, it can become affordable for people to go for affordable housing. The pro is that it makes solving the problem of housing without hurting neither house owners, nor individuals who were searching for the house. But, pros the spending by government that could be used to some other essential development projects. Besides, government will apply new taxes to collect funds that have been given as a subsidy.

Above are some of the options for the policy makers to ensure affordability of houses in the area.

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