A city's housing data shows: median price $800K (up 40% in 3 years), median income $75K, price-to-income ratio 10.7 (national avg 5.2), rental yield 3.1%, vacancy rate 1.2%, new construction permits down 30% YoY. (1) Is this a bubble? What additional data would you need? (2) Who benefits and who is harmed by these conditions? (3) A politician proposes rent control. Analyze the likely outcomes using economic theory and empirical evidence.