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the problem with rent control is that it encourages slumlording. unless it's temporary and combined with construction projects it's a losing strategy. the rich benefit from everything. if the number of new units is small enough, then yes, the poor will see no benefit. but rent is pretty much a matter of supply and demand crossed with unit quality, and you're never going to decrease demand in a city center, but you can build low-cost units.
Not really expressing an opinion on rent control, merely observing. If increased density is coupled with a law putting a cap on sale to non-residents then there would be an incentive to build low-cost (heck, reasonable cost) units. Otherwise, it makes far more sense to build for people with silly money.