“…economists say such regulations have too many unintended consequences to make them worthwhile. When rents are set artificially low, builders and owners have less incentive to invest in new properties, and greater incentive to convert existing ones to pricey condominiums. This reduces the supply of rental housing and pushes up rents for properties that are not subject to controls. Rent control also tends to benefit rich tenants more than poor ones.”
Source: American cities want rent control to rein in housing costs | The Economist
