Not long ago, I quoted Swedish economist Assar Lindbeck’s conclusion about the results of rent control. He wrote that in many cases, it “appears to be the most efficient technique presently known to destroy a city — except for bombing.” Lindbeck, however, seems to have missed an even better way to wreak havoc on major cities. It would be rent control combined with massive subsidies for renters. Rent control dramatically limits the supply of new housing units by discouraging people from building new apartments and punishing landlords for offering them for rent by limiting the price they can charge. But...