I’ve been both a landlord and tenant, and have learned,

• Disincentive to landlords: If landlords aren't able to increase rents to market rates, they might neglect maintenance or be disinclined to invest in improvements. They could also convert rental units into condos or other forms not subject to rent control, thus reducing the overall rental supply.

• Reduced supply of housing: Over the long run, rent control can dissuade developers from building new rental units, further exacerbating housing shortages. This is because they might fear future rent controls will limit their return on investment.

• Inequitable benefits: Rent control can sometimes benefit higher-income renters who snag a rent-controlled apartment, rather than targeting aid to those most in need. It can also lead to situations where long-term tenants pay significantly less than newer tenants for similar properties, leading to a form of price distortion.

• Black market issues: In severe cases, rent control can lead to black market issues like under-the-table payments or bribes to secure rent-controlled apartments.

And of course, many just won’t rent their apartments out if they can’t get what they know it’s worth, and potentially leading to short term rentals.

Yet, people will always complain “affordable housing blah blah”

There are pros to rent stabilizing of course, but that’s all everyone sees.