Crab bucket thinking. Lots of people are renting and the shortage of units is bad. Want more housing to buy? That's primarily a zoning and approvals problem, talk to your city hall.
Even for renters, this isn't a particularly large change, and there doesn't seem to be much thought in terms of what happens to the property if its converted after the fact.
This is just a bill to make people think they're doing something. Stop the fucking speculators/foreign investors, air bnbs and prosecute the grocery profiteers from price gouging!