We propose a novel housing market model to explore the effectiveness of rent control. Our model reveals that the expectation formation and learning behavior of boundedly rational homebuyers, switching between extrapolative and regressive expectation rules subject to their past forecasting accuracy, may create endogenous housing market dynamics. We show that policymakers may use rent control to reduce the rent level, although such policies may have undesirable effects on the house price and the housing stock. However, we are also able to prove that well-designed rent control may help policymakers to stabilize housing market dynamics, even without creating housing market distortions.

我们提出了一种新颖的住房市场模型来探讨租金控制的有效性。我们的模型表明，有限理性购房者的期望形成和学习行为，根据其过去的预测准确性在外推和回归期望规则之间进行切换，可能会产生内源性房地产市场动态。我们表明，决策者可以使用租金控制来降低租金水平，尽管这样的政策可能会对房价和房屋存量产生不良影响。但是，我们也能够证明，精心设计的租金控制措施可以帮助决策者稳定住房市场动态，甚至不会造成住房市场扭曲。