Competition <i>of all alternatives</i>.  As I said, this is not merely identical units.<p>It includes those cities which do not have housing restrictions.  It includes any new units permitted inside existing housing restrictions.  It includes increased sharing of housing (this is also impacted by other forms of &quot;housing restrictions&quot; but most people live in situations below maximum occupancy).  It includes moving outside of cities entirely (made more attractive in the presence of a basic income).<p>To the extent that people choose these alternatives, rents will face downward pressure.  They may still go up, but &quot;the entirety of BI will simply become rent&quot; seems wrong.