Ask yourself who benefits from controls?
In New York City newcomers have to pay very high rents because there is not enough supply . Renters charge high rents to roommates because it is difficult remove them legally. Baby boomers, who you don't like , live in large two /three bedroom long after their children have left the nest. They can't downsize because smaller apts cost more than their existing rentals. What are you going to do. Kick them out?There are more distortions. Supply shortages or low vacancy rates exist at all levels except the highest . Therefore prices don't go down. It all the result of city regulation which disincentivizes building. Regulations favoring labor unions makes it 20% more expensive to build in NYC which is passed on to the renters. There is no inherent right granted to anybody to live in NYC/Toronto.
Controls never work, All it does is raise prices because supply is not meeting demand and the supply will not increase enough if builders feel they will be subject to future controls Remember the promises of politicians are worthless.
e.g. Miami has always been a boom or bust towithout regulation. That is the way markets work.
