Exactly! Subsidized stuff gets the prices jacked up.
Well, except in this case, short term, I think it will somewhat be the opposite. Surprisingly to me, an article I read on this in the commie pinko San Fransisco Chronicle (linked below), actually admitted that the vast majority of the landlords that will take hits are "mom and pop" landlords. Similar to what I was before I dumped my rentals (none too soon by the looks of things). People who buy a house or a duplex or similar and use it as an investment towards their retirement, or as a good portion of their retirement income.
Once rent control hits, their expenses continue to go up, but their income doesn't. Certainly equity grows, but as one of the people quoted in the article said, "Plumbers don't take equity as payment for repairs." So you're left with income loss, or selling out. Certainly selling a single family home or even a duplex is, in CA, and easy way to get your money out (at least right now) because you can sell them as primary residences. Though depending on the situation, the seller can take huge tax hits, especially on depreciation tax.
Once you get to the Triplex and larger places, with strict rent control (and where there is rent control, there are usually other draconian (and expensive) requirements for landlords), I will guess those properties will be depressed, because who wants to pay $5mil for a San Francisco 4 unit apartment that you're only making 1-2%/yr on after expenses? Stick the money in a couple of Vanguard funds and make 8% sitting on your ass doing nothing. Those "mom and pop" multi-family properties will end up being sold to real estate corporations that know their way around rent control laws. Then all the "people power" tenants can deal with a faceless entity that has lawyers on retainer.
https://www.sfchronicle.com/business/networth/article/California-gearing-up-for-big-battle-over-rent-13092956.php
