The author uses an interrupted time series analysis to evaluate the housing market effects of moderate rent control in San Francisco. Using data on multifamily-housing construction and rent levels from 1960 to 1991, the analysis shows that rent control did not inhibit the development of new multifamily housing. In fact, the rate of multifamily-housing production has increased more rapidly after the program's initiation. Additionally, the analysis shows that rents for advertised units in San Francisco have significantly risen after the implementation of rent control.