Single-family homes cannot be covered by rent control. (Wall St. investors love this part, especially Blackstone and other big private equity firms that have spent billions of dollars buying up and renting out homes in California since the housing crash.)
Hm. What percentage of California single family homes currently being rented are owned by private individuals who own, say, less than 25 units, and what % are owned by large corporations?
Seems to me that you’re risking extinguishing one of the few ways private individuals have of wealth-building, outside of the stock market.
All rent control laws must include “vacancy decontrol,” meaning property owners can raise rents to whatever price they want once a tenant moves out of a rent-controlled unit.
So, after you do what you want to do with rent control, what is the incentive for anyone, be it Blackstone or a private individual, to buy and rent a unit in a rent controlled area?
It appears you are assuming that the owners will just accept lower profits without caring. I highly doubt that will occur.