Yes, but without rent control landlords will charge as much as they want to charge. The price of what the market will bear just goes up because everyone will raise prices. Software like RealPage will become even more prevalent. It really only helps the landlord, who is already well off to begin with.
Additionally, I can’t think of any homeowner who will vote to increase their property tax, especially if it’s already based on a $1M house.
Landlords require a certain multiple of rent in proven income. So the rent is automatically capped by local wages.
It's pretty black and white - either the landlord asked a price in line with local wages or they didn't. If they go too far,the landlord gets punished with expensive vacancies, or they loosen rent/income requirements and get punished with even more expensive evictions.
Point is, landlords aren't gangsters who can demand whatever number they pull out of their arses. They have to keep rent a reasonable ratio of local wages or they feel the pain.
Additionally, I can’t think of any homeowner who will vote to increase their property tax, especially if it’s already based on a $1M house.