I think that rent control can make you paralyzed. Unable/unwilling to pursue new and potentially better opportunities in new places. Having a rent controlled place makes it significantly less likely that you will take a job in another place, even if it's paying you more.

It's the classic case of economic myopia. Maybe that new job would put you on a career path to be a millionaire in 10 years, but you can't see anything except how you would be losing money (by giving up your rent controlled apartment) in the short-term.