Giving the rich a monopoly on a fixed tier 1 subset of real estate in a market with huge demand is not how you solve affordable housing to the "local" middle class. It will create synthetic incentives, and escalate prices on all real estate as demand seeps over into black or grey markets. Changes like these need to be across the board, or not happen at all.

This isn't "giving the rich a monopoly", it is restricting their existing monopoly by declaring a type of housing (newly constructed sfhs) out of their reach.

But the middle class of today will be the rich of tomorrow, and not allowing them to rent out their own homes when they move means that basically they are prevented access to the same mechanisms of wealth creation that made today's rich people rich.

This law literally helps out rich people and hurts low income people.

Low income people can't buy a house. They can only afford to rent. This law would criminalize the ability of poor people to live in the city, and it would do so to help the wealthy home owners.

Complete nonsense. First of all, homeowners aren't wealthy. Landlords are wealthy. The law says that wealthy landlords have to keep their hands off of brand new houses for a certain period of time so that homeowners can have a crack at it (therefore lowering prices, since rental profit isn't a consideration)

This does nothing to prevent anyone from renting apartments, condos, or houses built over five years ago.

Poor people aren't the ones renting brand-new construction. The renters of new houses are going to be people who could have and would have bought the house, if super rich landlords weren't jacking up prices.

Ok, so you are seriously going to argue that a person who rents new apartment isn't going to be significantly less wealthy than someone who purchases a new home?

Do you see the obvious contradiction here?

All this law does is take away poor people's ability to rent a home, that will instead be sold to a wealthy home owner.

If you can afford to purchase a new home then you are way way more wealthy than someone who can only afford to rent that same home.