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"we cannot force the cost of living to drop"

That's exactly what rent control does. I guess it's ok to not even try to make an argument on HN these days.

Rent control doesn't force the cost of living to drop: it just shifts it.

The ROI on apartments drops substantially, so investors aren't incentivized to make new buildings, but instead maintain their current ones as cheaply as possible until they're unserviceable.

It does for the people being discussed.

Not necessarily. A poorly maintained, older building may have worse heat insulation or vapour barriers, or problems with mold, or simply less efficient fixtures than modern buildings. Energy and healthcare bills can be substantial, and are borne by the tenants, not the landlords.

What you're really describing is a lower standard of living, not merely a lower cost of living.

There is nothing about not having rent controls that prevents this from happening.

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