"The long-term consequences of rent control have long been demonstrated to be destructive to both the quality & the quantity of rental housing."

"The average voter has an understanding of economics that doesn’t extend much beyond the balance in his bank account. He has little understanding of such concepts as supply and demand, restrictions on production, land-use regulations, or price controls. To understand such concepts, one must look beyond the direct and easily identified consequences. One must look at the big picture—the full context. This includes looking at the long-term consequences.
    "The long-term consequences of rent control have long been demonstrated to be destructive to both the quality and the quantity of rental housing. Despite this overwhelming evidence, advocates of rent control believe that somehow it will be different in their city. Unable to think in principles, they believe that just because rent control has been harmful in New York City, San Francisco, and everywhere else it’s been tried doesn’t mean that it will be harmful in St. Paul, Kingston, [Auckland, Wellington, Tauranga] or any other city.
    "It is certainly understandable that renters aren’t happy about the rapidly increasing cost of housing. But the solution isn’t more restrictions on housing producers. The solution is to repeal the barriers to producing housing. For that to occur, we need a new framework for considering housing policies."

~ Texas Institute for Property Rights, from their post 'The Resurgence of Rent Control'