As early as September 26 the Supreme Court will decide whether or not to hear a case that could make or break the New York housing market.

This case would be based around the topic of rent control, a subject that between landlords and tenants has become heated in the months leading up to the case.

It’s no doubt that New York is suffering from a housing crisis; thousands of apartments are left vacant while the city suffers from some of the highest renting costs in the nation. 

“Estimated 40,000 ‘ghost apartments’ across New York city” as reported by the New York Post.

The cause of these “ghost apartments” is typically attributed to the high costs involved with renovating these apartments, many landlords being forced to lose money on these renovations.

Landlords agree that investing in their properties right now is a loss for them as current rent regulation prevents them from raising rent to recoup high maintenance costs. 

While there is a shortage of housing the properties that are available, many that are kept off the market by powerful lease agreements, which are also protected by the current legislature, cause homes to be kept off the market by tenants who manage to find good deals.

Still there is a majority who is worried about the consequences of the current legislation being appealed by the Supreme Court in the coming weeks.

Around a million homes are subject to the city’s rent control system. Many are worried about low income families being alienated from the protection of rent control if the system is appealed. 

“The census bureau’s June 2022 New York City Housing and Vacancy Survey found that 22 percent of rent-stabilized tenants had incomes of $100,000 or more.”

The rent control case causes uncertainty for many, especially tenants. However, many landlords and owners feel that they are losing money. 

With unrest continuing to build among apartment owners in the city, there is an ever growing chance that these owners may leave all together, worsening the city’s current housing crisis if a compromise isn’t found by the Supreme Court.