Rent control doesnt change the underlying fundamentals but it inhibits the ability of the ownership class from exploiting the working class based upon those fundamentals.

It will also provide immediate relief for struggling citizens, whereas a LVT or taxing property will take time to actually drive construction which will push down rents.

It's something local governments often have the authority to implement, unlike LVT.

A little mentioned fact: the highest rate of house building in new york (FAR FAR higher than today) coincided with by far the STRICTEST rent controls. Something to ponder next time somebody tells you that rent controls just stops homes from being built.