In order to prevent the cost of rental housing from skyrocketing, local governments may institute rent control regulations.
Without rent control, rental prices in some cities can be, as former New York City mayoral candidate Jimmy McMillan eloquently put it, "too damn high." Though as it turns out, McMillan's rent was actually pretty low: He was recently evicted from an East Village apartment he was renting for well under the market rate, thanks in part to New York City's rules for rental units. (McMillan also maintains another apartment in Brooklyn which he reportedly occupies rent-free in exchange for performing maintenance.)
So what is rent control, and what does it actually do?