Rent control. Advocates say it really helps low-income tenants keep their homes, especially in places where they’re likely to be priced out, helping maintain economic and cultural diversity. Critics say it’s, at best, a mere bandaid. So, which is it?

A new working paper published in the National Bureau for Economic Research provides a complicated answer: While these policies are a boon to many low-income tenants who directly benefit, they worsen the affordability crisis in the longterm. “It’s som…