Actually, if you have the extra food available, you should go over your happiness threshold one or two population, if it doesn't serve to stifle your production. If you do, then as soon as you get a new happiness resource (or a limited happiness bonus), you can take advantage of it immediately, instead of the time it takes to make a new population point (even if only one turn.)
Unless it is the rare instance that you can have a more productive city by limiting your growth (which does happen), you are only hurting yourself by keeping yourself intentionally at the one turn from growth away from the happiness threshold (I used to do this too, if only to avoid seeing the little pyres over my cities).
Turns matter, and having an inactive person doesn't hurt you if you were going to producing the extra food for growth anyway, and it can help you if the right situation comes along. You never know when you are going to encounter a new civilization that you can trade with, or an event that might make that unhappy cur realize that he should get off his lazy butt and work, if only for a while.
If it helps you to think of it in RP terms, why would you limit the growth of a city because some of the population thinks it is too crowded? You would want a city to continue it's growth until the ability to support that city is no longer up to the challenge. There will always be issues with citizens (think of it as unemployment or rebellious demonstrations), but that wouldn't stop a progressive leader from encouraging growth and further commerce.
Besides, what good is a Pillar of Chains without a few red shirts around...
That reminds me:
Rebel Troops Amassing
(Requires any Civic type other than Republic or Liberty, unhappy citizens in a City)
My Lord, our local magistrates in (name of City here) have discovered a plot to overthrow your governor. The rebels have gathered weapons and were planning a coup latter in the month.
1) A rebellion in my kingdom is unthinkable. Deal with this rabble as common criminals and make no more of a spectacle of this. (-1 happiness in the City for 10 turns, 25% chance of -1 happiness in all Cities for 10 turns, and a 50% chance this event will reoccur (perhaps in another city) if the conditions are still met in the next 10 turns)
2) Why would my people turn against me? Bring the ringleaders here and give them a forum for their grievances, hold the others until we can come to an accord. (50% chance of +2 happiness in all cities for 10 turns, 50% chance of revolt in the City for 2 turns and -1 happiness in all cities for 10 turns, and a 25% chance this event will reoccur (perhaps in another city) if the conditions are still met in the next 10 turns).
3) Perhaps we should look closely into that city and it's governor. Concentrate your efforts on rooting out corruption in our ranks. (-15 gold, +1 happiness in the city for 10 turns, 10% chance this event will reoccur (perhaps in another city) if the conditions are still met in the next 10 turns)
4) We have forced our people to submit to despotic rule for too long, I see that now. Hold elections and allow them a voice (Only if you have Republic or Liberty available, change civics to each (or both if both available, without anarchy. +2 happiness in all cities for 10 turns)
5) A rebellion, huh? Make examples of them, and their families. That will keep the people in line. (Only if Evil, must have a garrisoned unit, unit is immobile for 3 turns, -2 population in the City, -2 happiness in all cities for 10 turns, +1 happiness from each garrisoned unit in each city for 20 turns)