Why would we expect to see rent control in majority-renter cities? Renters greatly outnumber rental property owners, so they have the votes to determine majority outcomes. Many of the far-outnumbered rental property owners cannot even vote on the issue. By stripping owners of much of their properties’ value, local majority power can provide renters with the greatest wealth transfer possible—often involving several hundred or even thousands of dollars in rent each month as compared to free-market prices. And given that rent controls give residents virtual tenure for as long as they choose to stay, that wealth transfer can reach well into six digits for a renter.