VSync solves this problem by creating a rule that says the back buffer can't copy to the frame buffer until right after the monitor refreshes. With a framerate higher than the refresh rate, this is fine. The back buffer is filled with a frame, the system waits, and after the refresh, the back buffer is copied to the frame buffer and a new frame is drawn in the back buffer, effectively capping your framerate at the refresh rate.
That's all well and good, but now let's look at a different example. Let's say you're playing the sequel to your favorite game, which has better graphics. You're at 75Hz refresh rate still, but now you're only getting 50FPS, 33% slower than the refresh rate. That means every time the monitor updates the screen, the video card draws 2/3 of the next frame. So lets track how this works. The monitor just refreshed, and frame 1 is copied into the frame buffer. 2/3 of frame 2 gets drawn in the back buffer, and the monitor refreshes again. It grabs frame 1 from the frame buffer for the first time. Now the video card finishes the last third of frame 2, but it has to wait, because it can't update until right after a refresh. The monitor refreshes, grabbing frame 1 the second time, and frame 2 is put in the frame buffer. The video card draws 2/3 of frame 3 in the back buffer, and a refresh happens, grabbing frame 2 for the first time. The last third of frame 3 is draw, and again we must wait for the refresh, and when it happens, frame 2 is grabbed for the second time, and frame 3 is copied in. We went through 4 refresh cycles but only 2 frames were drawn. At a refresh rate of 75Hz, that means we'll see 37.5FPS. That's noticeably less than 50FPS which the video card is capable of. This happens because the video card is forced to waste time after finishing a frame in the back buffer as it can't copy it out and it has nowhere else to draw frames.
Essentially this means that with double-buffered VSync, the framerate can only be equal to a discrete set of values equal to Refresh / N where N is some positive integer. That means if you're talking about 60Hz refresh rate, the only framerates you can get are 60, 30, 20, 15, 12, 10, etc etc. You can see the big gap between 60 and 30 there. Any framerate between 60 and 30 your video card would normally put out would get dropped to 30.