Every below rate unit will get jacked up to market rate immediately if this gets pushed further. I saw it where I lived when the town started talking about capping yearly rent increases. Nice landlords who helped their tenants afford a place to live had no choice but to dramatically raise rents to near full market or get locked in with no options to raise rents above the target number even in an emergency.
We have rentals in upstate NY. The 2019 Laws by Cuomo and Tish James were a HUGE poke in the eye for small landlords and thusly tenants. They are more tenant friendly than California as a whole and slightly less tenant friendly than in Seattle.
And now with “Good Cause” being able to be opted into by Upstate, most small landlords are selling en masse due to the fact that the TENANT now has the say so over your property and not you as the actual property owner.