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Rent control ends up having the new people that move in essentially subsidize the rents of people that have been there a while. If it was uncontrolled there would be a new market price likely between the high prices now and the low rent controlled prices.

Whether it's morally bad for new people in the community to have to incur this extra 'tax' is an exercise left for the reader.

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So, if the new people to the community do stay around enough of years, do they become the lucky "been there a while" people, and get the subsidy that they paid for earlier back in reduced rents?

Only if they're lucky enough to have moved into rent-controlled housing, which, given the current market, isn't super likely.

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