Yes, and no. They are more likely to switch to a different strategy, such as a private mortgage or land contract. Large apartment complexes will likely convert to condominiums or co-ops.
Basically, if we raise the rate and credit high enough, the landlord will be able to get a better return with one of these other options than they could get from renting.
All of these other options are permanent agreements, with terms established from the start. The landlord can't arbitrarily raise rent every year. The tenant gains equity from day one.
Basically, I'm killing the concept of renting. It needs to die in a goddamn fire.