#rent-control

I've been tracking apartment rents in my city since the rent control ordinance passed last year. Contrary to the intended effect, average rents have climbed about 8% while vacancy rates have dropped. The official justification cites “housing scarcity,” but the data doesn't add up. Is there a standard economic explanation for this backfire, or am I misreading the market signals? Any rigorous analysis or references would be appreciated.