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Free market is bad in theory and bad in practice.

Well then you have two options move to a cardboard box on the sidewalk, which will likely cost you your job, friends, bank account, visa status, children, etc. Etc. Or you can go massively into debt propped up by vicious predatory lending such as cash now type places. Or i guess turn to crime or prostitution. The American Dream folks. You just raised shareholder value on the investment company that owns every apartment in your neighborhood.

All you have to do is move to a town with no jobs, and pay the lower rent with thoughts and prayers

Or........ Landlords use the new market prices for the area and so the price increase ripple outwards and onwards. Unlike the physics principles of ripples, there is never cancellation where ripples meet, only additon. Creating a new higher normal rent and so on