Yes, it'd cause a lot of short-term pain for the poorer people who are currently benefiting from rent control. However, the way I see it, the rent control is enabling this bad behavior, and eliminating it would force things to change for the better. The 6-7-figure earners living there voting for NIMBYism are the ones causing this problem, and the only way it's going to change is to either convince them to stop voting that way (because they get tired of never eating out because there's no restaurants nearby or having to spend $500 on a meal to eat at a local eatery), or to collapse the real estate market there (because no one wants to live there any more with such lousy services).