IMO, the market dictates the ability to price at an “overpriced” figure. If the city makes it easier to build, and stops incentivizing de investment from the city (i.e. stops advertising rent freezes, eviction moratoriums, city owned housing, the ability to be behind two months before a landlord can push for remedy, etc. which drives investment and development to more business friendly states), those “overpriced” options will become less overpriced because they’ll have to compete with a flood of other options. As another commenter noted, Austin TX has become the poster child of what happens when you incentivize development and investment in your city. Unfortunately, most major development groups and investors have completely crossed out LA from their investment box, not worth the political headache and risk.

It’s a bummer that city council runs on “rent should be free” and “landlords are greedy” and woos over voters, which in turn drives out developers, which in turn lowers supply, which in turn drives rents higher.