It reduces the incentive to build because it reduces the ROI on a new build and reduces the control the owner has over the property (places with rent control ar

It reduces the incentive to build because it reduces the ROI on a new build and reduces the control the owner has over the property (places with rent control are notoriously tenant-friendly, meaning the risk of taking 12+ months to evict a tenant has to be priced into the project as well).