Walter Block gives a very entertaining summary of the history of NYC rent control. Among other plot twists:
When rent controls were put in place, new housing stopped being built.
When a specific decontrol for new housing was implemented, there was such a housing boom that measures were taken to reduce new construction.
When the rule was changed to limit the amount of land that was buildable, there was another boom, this time in foundations--to take advantage of the grace period.
When the rule was changed to decontrol apartments as tentants moved out, there was a sudden wave of apartments being 110 degrees in the summer, 45 degrees in the winter, water being shut off, etc., etc., to encourage tenants to move out.
Since buildings were worth fairly little at controlled prices, but they were insured for pre-control values, there was a rash of building fires in Manhattan.