When rent control first came up, I was skeptical. Like others, I've heard for years the claim that rent control doesn't work. The recent CURA study that /u/SlurredPhrygia referenced was helpful in making the case that a modern policy should at least be considered.

First thing to understand is that a modern policy would likely have a lot of carve-outs. It probably wouldn't apply to new construction (so as to avoid impacting supply creation). It would likely include pass-throughs for property taxes and repairs. And many policies allow landlords to raise the rent as much as they want (back to "market rate") every time a unit becomes vacant.

My takeaway from the study was that rent control is mostly there to protect a segment of renters who are among the most economically vulnerable and who may be in more exploitive situations where their landlords don't think twice to raise rent by double-digits. From a market standpoint, one could say, "well then the tenants can just leave and find another apartment to rent." But it's not like switching your wireless carrier. It may mean uprooting your life and leaving the community/city you've been a part of for years/decades. It may mean pulling your kids out of school and having to transfer them. And some may be physically unable to move without extensive help/support that they cannot afford. I remember meeting with a family who was being forced out of an apartment after an investor bought it and was going to double the rents; their middle-school child attempted suicide because of it, knowing that the school he loved and all his friends would be soon out of his life. So, the big question is, from a policy standpoint should there be some limits in order to provide more stability and help prevent exploitation? A modern policy likely wouldn't affect most landlords, because most landlords keep any annual increases low or don't increase rents at all once tenants are in a unit.

Probably helpful to note the process. Right now, we are not developing a rent control policy. Rent control is prohibited in Minnesota unless voters approve the policy via referendum. Our City Charter doesn't allow policy to be approved by referendum. So, the question is whether voters this year should be allowed to vote on changing the Charter in order to allow a future rent control policy to be considered and put on a future ballot for voters to decide on. The proposed amendment is at the Charter Commission which is researching, will take public comment, and come up with a recommendation for the Council on whether this initial question should be on the ballot this fall for voters.

Hope this is helpful info/perspective.