system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What led to the relative death of rent control in North America?
gpt
People didn't believe the economists until they saw the effects. Then they saw that price controls really did reduce supply and funnel the remaining units to well-connected tenants who could pay for someone to hook them up with a rent-controlled apartment (i.e., rich people). Price controls mean there is less to go around, so only rich people get the goods. So the policies mostly died.