Rent control benefits renters in the short term who don’t want or don’t need to move. However, property owners can’t price rents according to market conditions.

Rent control benefits renters in the short term who don’t want or don’t need to move. However, property owners can’t price rents according to market conditions. This suddenly lowers the value of rental property and will mean that there is less incentive to build new rental property or maintain or improve existing rental property. Where else is it being done? Is it a success in these places? There must be some places it is viewed as working or why else would California do this.