Rent control should be implemented in New York State. In an overpopulated city like New York, rent rates remain a constant struggle. Rent control keeps the rent lower, and tenants typically have fewer problems transitioning from lease to lease. 

Without implementing rent control, tenants can get priced out of their current homes if the area becomes more popular. This incurs moving costs and adds stress from having to move so often. Implementing rent control in New York State also means that lower-income tenants can access more homes. 

One of the most significant incentives to implement rent control in New York state is the financial savings of the tenants year over year. Rent control legally limits the amount rent can increase each term, which is why tenants typically favor these laws. Rental increases each year make it difficult for a person to remain in that property without a significant increase in wage or a job change. 

Rent control provides better financial stability for tenants, allowing them to better plan and prepare for the future, knowing that their rent will not increase dramatically yearly.

Implementation of rent control in New York state also results in a higher likelihood of lease renewal. Tenants are much more inclined to stay in the property long term because the rents are capped. With rent control in New York, landlords won’t have to deal with potential vacancies, as the current tenants will most likely renew their lease. In addition to turning the property over, vacancy periods can be costly for landlords. Landlords can eliminate those costs by maintaining the same tenants for a few years.

For financial savings for tenants and a higher likelihood of lease renewal, rent control should be implemented in New York State.