Those apartments are already under rent control, and they'd be just as rent controlled if he allowed a rent increase. So, if "rent control limits supply", the supply will be limited no matter what he does.

My mistake, I thought you meant financial capital. I disagree. It seems like grocery prices are a real problem in New York, and the existing subsidy program isn't working. Ensuring people can afford food seems like an excellent use use of political capital, and if it works it can be scaled up.