Elizabeth’s city council is scheduled to vote this week on changing the city’s rent control policy, which currently includes a $20 cap on annual rent increases. Residents organized rallies over the last month, demanding the city council keep the tenant protections in place to hold down rents in New Jersey’s fourth-largest city. Elizabeth’s current rent control policy says landlords cannot raise rents each year more than 3% — or $20 — whichever is lower. City council members are expected to vote Tuesday on whether to remove the $20 cap. “It could be incredibly dire,” said Gerardo Benavides of M…