if vacancies are truly below or near 1% then the market is significantly underpriced. as a landlord, a vacancy rate below 5% typically means that you should in

if vacancies are truly below or near 1% then the market is significantly underpriced. as a landlord, a vacancy rate below 5% typically means that you should increase your rent (with rent stabilization, its not that simple, obviously), so while removing rent control apts would have some impact on rents overall, it is highly unlikely that they would "plummet"