That's very idealistic.

You only have to abide by rental increase guidelines for a tenant who doesn't leave.

Once the unit is vacant, you can set rent at whatever you like. As you are aware there are quite a few ways to turn over a tenancy. Everyone talks about the bad apples reno-victing or falsely claiming relative occupation but the biggest, most effective way landlords get tenants out is "cash for keys". Most renters are hard up on cold hard cash and it's very effective to offer them $2k or whatever to move out so the landlord can bump up rent another $500 or whatever market rent is and recoup the cost in a few months.

Also, not all but most renters could not qualify for a mortgage anywhere close to current prices even if that home was available to them. So where do all those renters go whose units just got sold to a "deserving Canadian"? The most able get the expensive homes (even if there is a dip in value, I doubt we'll ever see anything close to $200-300k homes again) and the renters.... What? Are homeless? Bid on rental units? Move back home? They've been displaced by the lack of inventory with landlords being forced out.

Every strong-arm approach to the housing and rental market has consequences people don't think of. And with the shortage of both rentals and housing, it's very difficult to rock the boat without knocking a ton of average citizens overboard.