How does rent control in New York affect efficiency, landlords, and tenants?

Price Ceilings occur when the government sets a maximum price that a market can charge. When such price is below market equilibrium, it is know that this price ceiling is binding and will affect the market, consumer and producer surplus. An example is the rent ceiling in New York.

If there is no price ceiling, the market equilibrium will be at (e) and the maximum surplus would be realized (e.g., yellow triangle is the consumer/Tenant surplus and orange triangle is the producer/Landlord surplus).

If a binding price ceiling is set, then at a lower price there will be more quantity demanded (apartments demanded for rent) than quantity supplied (apartments supplied for rent). As a result, there is a shortage of apartments meaning that some consumers will not be able to rent an apartment. Since price is no longer place a rationing function, what does? How would a landlord decide which tenant to choose if it can no longer use price as a selection mechanism?

Also, due to this price ceiling, the quantity of apartments supplied and rented is smaller than the market equilibrium. This creates a deadweight loss which is shown in the dark triangle. These resources could have been supplied and used by consumers, but they are not, which decreases efficiency.  Note that consumer and producer surplus are lower than the case of a free market.

• If you are a Landlord in NYC, would you advocate for rent ceiling?
• If you were a Renter looking for an apartment in NYC, would you advocate for a rent ceiling?
• If you were the owner of a construction company in NYC, would you advocate for a rent ceiling?