In wireless systems in general, the greater the bandwidth, the less the distance,
assuming the power level is the same. The reason is because transmitting more information (higher bandwidths) requires a more complex mode of modulation
(to handle that additional data). The more complex the modulation mode, the more
vulnerability to distortion and errors during the wireless journey. To maintain the same low error rate, the signals can't be received as far away as a narrower-band
signal with a simpler mode of modulation. You'll note that when 802.11b equipment
"downshifts" to a slower rate, the modulation mode usually changes.