Certain rent control measures can/could work but it’s difficult to tune things properly.

https://www.brookings.edu/research/what-does-economic-evidence-tell-us-about-the-effects-of-rent-control/

If you cap increases then the rent always increases by that much every single year. 3% is probably very fair for a small rent increase every year.

If the profit isn’t there then no renovations will happen. Housing will become dated and the minimum maintenance to keep it up to code will be performed (which is what happens anyway in some cases).

Once in a home it’s difficult for tenants to leave because their rent is on the low end but newer leases are on the highest end of the spectrum. The landlord will try as much as possible to average it out so they receive the same (or more) income than they did before rent control.