Once all houses are under rent control, Ellis will be useless. If you Ellis the tenant, you need to keep it vacant or sell it. I think housing price will become pretty low since people won’t bother buying the house when they are guaranteed low rent forever.
Basically real estate investment will become something like a fixed income. Primary home will be just like a car, you buy it for consumption. Its investment value will be minimized.
If this has any chance of passing, I will sell California and buy Texas or Seattle. Califnornia economy may stagnate and decline since new immigrants and new migrants flow will be stopped.
Restriction 1 will cause problem 2 and restriction 2; restriction 2 will cause new problem 3 and restriction 3. This cycle will continue and continue and you’ll arrive at comminism pretty quickly