Every apartment owner in the state is looking to sell, at a bargain price.
The buyers will be condo associations.
Rental property will dry up overnight.
People are just converting them to Airbnbs, especially in the cities.
As an owner of rentals in Oregon, which did this same idiocy last year, I am loving rent control.
The control means no new rental units. My vacancy rate has been close to zero as more and more people compete for the same units. We get 7% plus inflation instead of California's 5%, but even 5% is more than I have ever been able to get anyway.
Bottom line is that they have just made housing more scarce, which benefits owners of existing housing greatly.