A strong counterargument is that many studies criticizing rent control focus on older or poorly designed policies, while modern rent stabilization policies can protect tenants without significantly reducing housing supply. Economist Joseph Stiglitz has argued that rent regulations can help prevent extreme rent increases and displacement in high-demand cities while still allowing developers to build if new construction is exempt from regulations. In addition, housing shortages are often caused more by zoning restrictions, high land costs, and limits on construction rather than rent control itself. Critics also note that the study referenced by the Cato Institute may reflect the organization’s ideological perspective, so its conclusions should be considered alongside other research showing that carefully designed rent stabilization policies can improve housing stability without severely reducing housing supply.