Implementing rent control will make it more difficult for the city to attract developers to build new housing (see St. Paul for example). Reducing the quantity and quality of housing would make it more difficult for the city to continue growing. We can hope our local industries will keep raising salaries just enough keep their employees here like in San Francisco, but if they decide it's not worth it and leave then we could see the city end up like any of the rust belt cities that lost it's major industries and never recovered. Basically, it's very difficult for cities to maintain or improve their standard of living without growing, it's more difficult for them to continue to grow without enough housing for the people needed to keep that growth going.