Rent control tends to keep socioeconomic diversity in neighborhoods that would otherwise be taken over by only those who could afford to live there, generally a wealthier segment of the population. Unfortunately, too few cities have rent control so as a neighborhood develops those on the lower end will be pushed out.
In Chicago, we don't have it, but rather excessive use of the section 8 voucher program which is highly debatable in it's positive versus negative attributes.
If you get a rent controlled apartment, your rent will remain relatively stable even as property taxes change and market rents go up. Just don't forget to watch Pacific Heights. It's perfect for a Frisco resident.