The main reason rent controls exist is so that families are not priced out of their homes. Most low-income families are renters, so without rent control they co

The main reason rent controls exist is so that families are not priced out of their homes. Most low-income families are renters, so without rent control they could see their home of the past few decades become unaffordable. Especially in areas like NYC where the value of land can skyrocket, these long-term residents can easily become the “unfortunate” side effect of all this exciting economic activity. So yes, the landlord would definitely like to be able to sell their units for a higher rate if they could. Without legal protections low-income families can easily lose their homes due to market forces. Many economists (and intro econ textbooks where this is a very popular example) find that rent controls are destructive and a distortionary influence on the housing market, and you’ve already identified one of the downsides in the increased difficulty for new residents to find a dwelling where rent control exist. However, this approach ignores the human and economic impact of home instability. Joshua Mason, an econ professor at Roosevelt University who studies the effects of rent control, puts it pretty well. "Long-term tenants who contributed to this being a desirable place to live have a legitimate interest in staying in their apartments. If we think that income diverse, stable neighborhoods, where people are not forced to move every few years, [are worth preserving] then we collectively have an interest in stabilizing the neighborhood.”[0] [0]https://psmag.com/in-defense-of-rent-control-3cb453119116#.kjzqxxp42 https://psmag.com/in-defense-of-rent-control-3cb453119116#.k...