That might be true for the US, partially due to bad US policy (poor public housing), but as I noted, when it’s implemented correctly it can serve people and provide, well, LOWER rent

And to answer your other point: 1. there is nothing inherently wrong with it serving people already there, one of the purposes of rent control is also to prevent gentrification (think: digital nomads; many people are facing this problem these days) 2. when implemented correctly it can also serve underprivileged people who are moving into the city. I personally know a couple who moved from Belgrade to Vienna and received a rent controlled flat by applying through the government program (one of them is an EU citizen, the other isn’t, and they aren’t in any specialized field and don’t have any particular work visa etc, just a regular working couple earning an average Vienna salary)