The people actually building the buildings (developers) are, generally, different than the people renting out buildings (landlords). Developers profit when more units are built, landlords are hurt with increased competition.
Also, recent California law was changed so that the maximum allowable annual rent increase is ~10% (still rough if you are hit with that, but better than 30%).
Also, recent California law was changed so that the maximum allowable annual rent increase is ~10% (still rough if you are hit with that, but better than 30%).