ALBANY, N.Y. (WNYT) – Rent stabilization continues to be one of New York’s most debated housing issues, impacting more than a million apartments across the state. Attorney Ryan McCall of McCall Sweeney & Silva in Albany sat down with News Channel 13 to break down how the policy affects both tenants and landlords, and what the future might hold for the housing market in 2025.
“Rent control, commonly, rent stabilization in New York City is something that affects over a million apartments,” McCall explained. “In rent control, the rent control board, especially in New York City, Westchester area, they can set how much you can increase rent based on different market rates, how much the fuel and gas costs have gone up, how much the taxes have gone up they can solely dictate what that increase can be for any given year.”
McCall noted that upstate regions, like the Capital District, face different challenges as demand continues to rise. “Recently, we’ve seen such an influx to the capital district that it has begun to affect the housing supply,” he said. “Landlords, especially in upstate New York, often feel like, hey, these laws are being passed. We’re the ones that are being affected, and we’re going to be the ones who need to kind of always shrink our margins, which again, could lead to fewer repairs that are happening. But also from the tenants’ perspective, they need to make sure that, hey, we can still afford to live, and we can still have a place to live in the capital district.”…