Rent control sounds like a win for tenants, but after tracking apartment prices in three major cities, I've seen it backfire on the very people it aims to help. Landlords either convert units to luxury condos or let buildings decay, shrinking the available housing stock. New York City's rent-stabilized apartments have vacancy rates around 2%, while market-rate units see far more turnover and investment. Should we keep policies that create short-term relief but long-term scarcity, or is there a middle ground we're missing?