In the ‘long run’ rent control should not have any effect because once a flat is eventually cleared, the price will reset to market prices.
But in the short run — it prevents gouging and rapid flux — which is a good thing.
It’s ‘one thing’ to say ‘market prices matter’ and have rent roughly be in line with market conditions — it’s ‘another thing altogether’ to take some old lady and force her out of her flat to allow high income earners in by jacking up her price 50% at any given time.
I’m from Canada — the whole dam country is ‘rent control’. There is a maximum that my landlord can increase every year. Period. Done. If I leave, they can reset the rent. Also — since the ‘whole country’ is done like this, I think it has a stabilizing effect.
I wouldn’t even call it ‘rent control’ — more like ‘consumer protection’.
But yeah — it won’t change much.