Zohran isn't proposing putting any new units under rent control (really rent stabilization), only temporarily halting raises to rents for existing stabilized units. This will make it harder for the city to attract new buildings to join rent stabilization in the future, but will benefit existing habitants. It won't have any effect on the ability to profitably develop market rate units at all.
Property developer here. I have zero faith that NYC would not put rent control on new units in the future. I will invest nothing in NYC and will tell every other developer I know to avoid it like the plague.
If NYC actually makes it easy to build there's practically infinity investment available. Sure dude, nobody will build >1M condos because you told them not to.
