I agree. Rent control vests certain residents who for whatever reason have chosen to remain tenants in the same place for a long time, at the expense of newcomers and overall economic productivity. But for people who hate change, it works as intended. Makes it hard for new people to move in, and makes building new things an unattractive proposition.

However, with respect to affordability, a key complaint across the board, LVT does indeed help by reducing the amount of speculative holding and removing tax penalties for improvements. Under LVT residents will be able to afford better accommodations for less money. Particularly if other onerous policies are removed such as rent control, building restrictions, parking mandates, taxes on demolition, and the like.