What is the primary purpose of rent control in New York City?

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.