I’m surprised to read negative opinions about rent control. The alternative to rent control is having one’s rent double next week. I’m amazed that rent control was not a thing!
Sorry if this comes off snarky but perhaps others posting here can see past next week. All too often these quick fix Band-Aids end up causing more problems in the long run while also spreading the problem far beyond where it had previously been contained.
Why? In both cases there should be more housing. If rent control is a thing, now you have more rich people who can’t find a place and are willing to put money in building new housing.
Most rent control implementations are far too restrictive and create severe market distortions that can last generations. This one, thankfully, is not, and the allowable increases mean units are unlikely to get too far out of whack with market rates.