Before explaining the details, it’s important to understand that these above camps all agree that we need far more affordable housing in order to make the city function more efficiently. Hence, the affordable housing issue is clearly a supply issue.
Supporters of rent control were stymied by two critical problems. First, the consequence of placing legislated caps on rents would be that developers would materially cease building new apartments. This, of course, would only make the problem worse. Second, implementing rent control places the responsibility of solving the affordable housing problem on a select group of business people—apartment building owners. This is like requiring just grocery stores and restaurants to pay for school lunch programs. Both are serious issues, but the solutions must be shouldered by everyone and not merely the responsibility of a select group of business people.