The housing does exist it just lays vacant due to rent control. Look at the data after any repeal of rent control in cities like Cambridge, Oslo and New York, p

The housing does exist it just lays vacant due to rent control. Look at the data after any repeal of rent control in cities like Cambridge, Oslo and New York, prices do not go up dramatically. By removing rent control, you get rid of the incentive to let your property remain vacant. You are seeing high prices due to the shortage of available houses caused by rent control.