It is like any government handout, except here in the case of money they merely take your rights away to your property.
Landowners get zoning rules that prevent them from competing with highrise apartment buildings, turning desirable regions into pressure-cookers that drive rents and property values sky-high.
Tenants get rent control that shields them from the from the worst of the landowner-cartel's machinations. Not as well as they were promised at voting time, but they don't typically invest as much in local politics, so that's to be expected.
The real losers are the people who would move into a neighborhood if they could. They don't get any representation in the local government. That's either a feature or a bug, depending on which side of the fence you're on :)