[njarboe]

Property owners generally charge as much rent as they can. Only in places where it is easy to build new apartments is there floor on rents. In that case the floor is a combination of constructions costs, interest rates, and the rate of return to investors of other opportunities in the area. So in a place where building is hard, the rents would probably not rise, but in a place with lots of land and easy zoning, the rents probably would.