NEW IN PIRATE WIRES: The Los Angeles City Council has voted to cap rent increases below inflation for most units — essentially telling investors they can’t earn a return in the city. The effects of this decision are clear: over time, the rent cap will choke off new development, leading to higher rents for everyone not in a legacy rent-controlled unit. The only ones who benefit? Anyone renting long-term who doesn’t care about the condition of their apartment, and the emboldened DSA… which will only grow more attached to preventing rent hikes for legacy rent-controlled tenants. @moseskagan breaks down the economics 👇