This article seems to miss a few important points. The people who have lived in a city make that city what it is and you can't just switch in new higher bidding

This article seems to miss a few important points. The people who have lived in a city make that city what it is and you can't just switch in new higher bidding tenets at every juncture and expect that community to remain. In particular, the people in the middle who could pay higher than rent control rates will still move away more frequently if you increase their rent by a couple thousand to get it to (somewhat reduced) market rates. For example, when they have kids and need more space then they won't be able to afford it but with rent control they could have already locked in housing costs. Just as their landlord was allowed to lock in property taxes so they wouldn't lose the property due to tax increases.