I heartily agree with your analysis of rent control. The only people who gain from rent control are the approximately 170,000 long-term tenants who pay a fraction of the rent rate newer tenants pay.
The politicians in the City Council who promote their cause gain their votes in exchange for supporting rent control. Needless to say, property owners are grossly outnumbered and so are shackled with controls like no other business in the country must tolerate.
The sad part of the process, as this editorial demonstrates, is that often those who receive the benefits are not the truly needy. It would make far more sense to identify those with genuine needs and create a process that deals with the real problem rather than force property owners to subsidize the entire clique of long-term renters.
As it stands today, rent control makes absolutely no sense and should be eliminated by those who have better sense as well as a sense of fairness.