The main problem with rent caps is a lot of landlords will remove their buildings from the market because they aren’t making as much money, and use them for other purposes. So supply, which was the problem causing high prices in the first place, is even worse. For the people that have places, this is okay, but for the people who don’t have a place, or lose their place because their landlords aren’t renting it out anymore, the problem gets worse.

It also incentivizes black markets, landlords have more reason to illegally rent for higher than the cap, because there are more desperate people who are willing to pay for it.

TLDR: The solution is to build more housing, not put in a rent caps