Cities in countries with free market systems have rent
control because it is so hard for the old, the sick or the unemployed to move.
In cities where there is no rent control, landlords can essentially charge
whatever they like, and raise rents as often as they like. Naturally, some of
them maximize profits by raising rents to the highest figure anyone in town can
pay. This makes life hard for seniors on fixed incomes, and for people who are
sick and on disability payments. Rent control keeps landlords from charging long
time tenants ruinous rents.
Common economics tells us that rent control creates more problems than it fixes. For this reason it is not a wise device to use in free market systems. I believe it is more important to ensure income equality so people can provide for themselves. Slave labor shouldn't be allowed and companies shouldn't inherently be interested in profit above and beyond their means to stay in business.
Rent control is never wise because it negatively affects the normal market supply and demand. When the rent is fixed, this creates a price floor. Landlords will never charge less than that amount and cannot charge more. This price floor affects the supply of available units for rent because new investors must make sure they can make a profit off the rent amount. This usually will create housing shortages as new landlords are not willing to build and rent out new property. Rent control results in lower quality and a shortage of housing.
The free market system is what our great nation was based on. We are a freedom loving people who won our freedom from the british. They controlled the price of goods and taxed the colonists heavily. Because of this, we adopted a free market system. If i owned an apartment complex i should be able to charge whatever i wanted. The government has no right to tell me how much to charge someone to live on my property.