I live in an area that does not have rent control- but the basic differences between the two have been obvious. Here I can raise the rent at the end of a lease any amount I feel is necessary and the tenant can choose to pay the higher rent or move out- with a rent coltrolled building the rent is the same as long as the same tenant lives in the unit no matter what the market may dictate. If you need a higher rent in a rent controlled building, you will need to force tenants out somehow, and I have heard of some pretty odd ways to do it- example- one owner I know, to force a tenant to move from his LA rent controlled building, simply took all the parking away from all the OTHER tenants, forcing them to park farther away from their homes- so that ticked off the entire complx, and turned them against the one tenant who did not get his parking changed (now he's the target) and the other tenants did this owners dirty work and forced this tenant out. Once the tenant moved, the rent was raised with a new tenant and everybody got their parking back. This is a sad but true story.
Also, if your income is restricted, so is your maintenance allowance. Owners are not as likely to keep the property in the best condition.
I, personally, will not purchase a rent controlled property. I like raising my rents when I need to, I have money to keep my properties well maintained, and I can move with the market demands.
Apr 30, 2010