The primary purpose of rent control in New York City is to limit the rent landlords can charge. This regulation aims to make housing more affordable for residents, especially in a city where demand often exceeds supply, leading to potentially exorbitant rental prices. By capping rents, rent control helps prevent displacement of long-term tenants and provides stability in housing costs, which is particularly crucial for low- and middle-income individuals and families who may struggle with rising living expenses.
In the context of urban economics, rent control serves as a policy tool intended to protect tenants from sharp rent increases and to ensure a more equitable housing market. While it has its critics, proponents argue that it can help maintain a diverse population and stabilize neighborhoods over time.