To the extent that rent control is intended to transfer wealth from high-income to low-income households, the realized impact of the law was the opposite of its intention.

From Robbing Peter to Pay Paul? The Redistribution of Wealth Caused by Rent Control by Kenneth R. Ahern and Marco Giacoletti.  From the Abstract.

We use the price effects caused by the passage of rent control in St. Paul, Minnesota in 2021, to study the transfer of wealth across income groups. First, we find that rent control caused property values to fall by 6-7%, for an aggregate loss of $1.6 billion. Both owner-occupied and rental properties lost value, but the losses were larger for rental properties, and in neighborhoods with a higher concentration of rentals. Second, leveraging administrative parcel-level data, we find that the tenants who gained the most from rent control had higher incomes and were more likely to be white, while the owners who lost the most had lower incomes and were more likely to be minorities. For properties with high-income owners and low-income tenants, the transfer of wealth was close to zero. Thus, to the extent that rent control is intended to transfer wealth from high-income to low-income households, the realized impact of the law was the opposite of its intention.

Rent control - a policy that is economically very bad but politically so expedient that we keep implementing it despite the obvious harm that it does.

Further, rent control not only distorts the market but it undermines institutional integrity.  Wherever rent control is implemented, there are also increased opportunities for graft and corruption.  Cities with rent controls are also cities with high corruption and low institutional trust.  And, typically, mixed economic conditions - good for the wealthy and bad for everyone else.

Rent control is bad in theory and there have been lots of empirical studies showing it to be bad in practice as well.  This research is interesting in demonstrating that rent control is explicitly a taking ($1.6 billion in lost value).  Also for documenting that the beneficiaries of rent control are wealthy whites and the losers are poor minorities.