Housing Affordability vs Rent Control
"Rent control appears to help affordability in the short run for current tenants, but in the long-run decreases affordability, fuels gentrification,
and creates negative externalities on the surrounding neighborhood. These results highlight that forcing landlords to provide insurance to tenants against rent increases can ultimately be counterproductive. If society desires to provide social insurance against rent increases, it may be less distortionary to offer this subsidy in the form of a government subsidy or tax credit. This would remove landlords’ incentives to decrease the housing supply and could provide households with the insurance they desire."
Quote is from this article from the Brookings Institute:
www.brookings.ed u/research/ what-does-econom ic-evidence-tel l-us-about-the- effects-of-rent -control/
I'm not convinced that rent control is helpful. It may provide short term relief, but over the long haul it disincentivizes the creation of new housing, while forcing up the rent of other market rate rental units. It also causes property owners to consider other options than renting out their units - condoization of apartment buildings for example. In doing so, rent control limits people's choice and flexibility on where to live, and overall drives up the cost of housing.