Then that'd be a good thing? If people are not renting their homes or condos out, they can't just let them sit empty and will have to sell them at some point which increase housing supplies.
They either keep them as second homes or hold as an investment (no tenant means when they sell the price isn't depressed).
If real estate is appreciating 10% per year and you own a $2M home, that's $200K in appreciation each year. Sure, you might get $60K per year if you rent it, but if you have rent control, you'll never be able to sell it at market rates.
[1]https://sf.curbed.com/2017/7/12/15961486/sf-tax-landlord-hom...