[overdrivetg]

Assuming you aren't trying to intentionally throw shade on CA rent control:

Rent SUBSIDIES are a hidden redistribution as you discuss.

Rent CONTROL forces recent transplants to subsidize longtime residents

Ie. gov prevents raising rents to market levels for longtime tenants. They are less likely to move, driving up demand for the remaining housing, which is the only stock available for newer residents.

This then costs newcomers more, while longtime residents avoid paying the market rate on their housing - effectively subsidizing the in-place tenants.