Rent control is not that onerous when landlords are allowed to  reset the rent to anything they like between tenants. 
It is only when a tenant moves in that the rent is regulated as long as that tenant stays.  This protects the tenant.  The landlord's desire to make money  is satisfied every time a tenant moves.  It is one a small minority of tenants who stay for many years and enjoy a bargain in an otherwise profit making building.