Thanks to rent control, I'm paying $300 per month less than market rate.
Market distortions can make it financially disastrous to move, as compared to staying in the same place.
Rent control is one.
Another is, for homeowners, is Proposition 13 in California (and similar laws in some other states). Think of it as "rent control on taxes", designed to keep the skyrocketing housing prices from driving people out of their homes:
- Stay at the old place - get taxed on the price of the house when it was bought (or Prop 13 went into effect) plus a small inflation adjustment.
- Sell it and buy a new house in CA (or the same state etc.) - get taxed on the new house's CURRENT price, plus a small inflation adjustment - forever forward. Then there's being taxed on the hyperinflated price of the house you sold as if it were a lump sum of income, unless you take the once-in-a-lifetime exemption or one of the other income tax rules for switching houses without being bankrupted. And the new mortgage is at the current rates, too, and on a much pricier home.
Moving used to be much less of a financial hit than it is now.