rent control (which realistically for all but the most idealist is some sort of capped rent increase policy) can only work if its done and owned by the state/nation. It can't work for private sector as the ROI will be relatively poorer on doing that vs many other investments so it'll actively disincentivise investment into more rental housing long term & in short/medium term disincentivise all but necessary capital/maintenance investment as it'll quickly erode whatever small return they're making on their rental investment.

State/National government are far more likely to stomach lower ROI than the private sector because they can arguably have a more holistic view of what their investment is. However, to be able tod that you also need robust finances in government which has certainly not been the case in most developed western economies since the 80s