„Rent control is the most effective way to destroy a city, other than bombing”. Rent control disincentivizes renovation of existing apartments and building new

„Rent control is the most effective way to destroy a city, other than bombing”. Rent control disincentivizes renovation of existing apartments and building new ones. It also encourages people to stay in apartments that are too big for them, because rent control typically locks price for existing, long term tenants on lower level than paid by new tenants. All this makes housing crisis worse.