Rent control affects the allocation of resources and the distribution of well-being. In New York City in 1968, it is estimated that occupants of controlled housing consumed 4.4 percent less housing service and 9.9 percent more nonhousing goods than they would have consumed in the absence of rent control. The resulting increase in their real income was 3.4 percent. Poorer families received larger benefits than richer families. The cost of rent control to landlords was twice its benefit to their tenants. The estimates are produced within the framework of a simple general equilibrium model; the data are on thousands of families and their apartments.