Is Rent Control a Necessary "Evil"?

[Chris Levarek]

Three states passed state-wide rent control laws in 2019, California, Oregon and New York. Other cities such as New York, San Francisco and Washington D.C. have had rent control policies in place for decades.

"Over the long term, rent control tends to restrain multifamily housing development, exacerbating local housing shortages and adding upward momentum to owner-occupied home prices." according to Marcus & Millichap Investment Forecast for 2020. 

Given the impact rent control can have on new investments and investor interests, is it a necessary "evil" to protect the interests of the current renter base or is it causing more harm then good?

Thoughts?