Dr. Conor O'Toole:

It is a trade-off. My colleague Dr. Slaymaker might want to come in to talk about some of the work she has done on this. It depends on two things. One is the fact rent controls have a considerable benefit for existing tenants, as clearly shown in all the evidence that is out there, but they also have supply-side effects. What matters on the spectrum between the benefits to tenants and the impacts on the supply side is the calibration. The tighter the calibration towards nominal rent freezes, the more likely it is we will get supply-side effects, but the benefits are bigger for tenants the tighter the rent cap. Policymakers thinking about what options are available must think about where they want to sit on that spectrum. It is a trade-off between those factors.