The Rent Roll with Jay Parsons

Episode 72: Kenny Burgos | Debacle: NYC Rent Stabilized Apartments
Released: February 19, 2026
Host: Jay Parsons
Guest: Kenny Burgos, CEO of the New York Apartment Association, former NY State legislator

Episode Overview

This episode delves into the ongoing crisis and controversies surrounding New York City's rent-stabilized apartments. Host Jay Parsons unpacks a century of rent control history, recent policy changes, and their economic and social consequences, notably the 2019 expansion of vacancy control. Parsons welcomes Kenny Burgos, a pragmatic, data-driven advocate and former state legislator, now CEO of the New York Apartment Association. The conversation focuses on the fallout from recent laws, including massive value loss, rampant vacancies, and the path toward effective solutions, while highlighting Kenny’s fresh approach to public policy advocacy through compelling, fact-based social media outreach.

Key Discussion Points & Insights

1. A Century of Rent Control: History & Lessons

• [02:05–06:50] Parsons outlines NYC's rent control history since 1920, demonstrating that repeated regulatory tightening hasn't solved affordability issues.
  • Pre-WWI, New York experienced robust supply growth; landlords competed by offering concessions and upgrades, keeping rents in check.
  • "Back then, it was a renter’s market... total opposite of New York today." — Jay Parsons [04:30]
  • The first rent controls arose from shortages due to World War I and supply disruptions.

2. Rise of Rent Stabilization & Vacancy Control

• [08:30–12:00] Parsons walks through creation and expansion:
  • 1969: Rent Stabilization covers nearly 1 million mostly pre-1974 units; the Rent Guidelines Board sets rent increases on renewals (not new tenants).
  • 2019: Game-changing law adds "vacancy control"—rent caps now apply to new leases as well, not just renewals.
  • "That’s when, of course, all chaos breaks loose." — Jay Parsons [12:15]

3. 2019 Vacancy Control: Data on Economic Fallout

• [13:57–18:00]
  • Parsons cites the Milstein Center/Columbia report:
    • Average sales price per sq ft for stabilized apartments in Manhattan collapsed from ~$800 to ~$400.
    • Bronx prices now near average debt, leaving many owners with zero or negative equity.
    • Regional banks nearly failed due to bad exposure to these loans.
  • Massive, likely permanent NOI reductions predicted if a four-year rent freeze progresses.
  • "With vacancy control, New York City now has tens of thousands of units sitting vacant, some estimate more than 50,000." — Jay Parsons [17:00]
  • Many units remain vacant not by owner choice, but because renovations are financially unviable under current regulation.

4. Kenny Burgos' Advocacy & Short-Form Videos

• [18:01–19:15] Jay introduces Kenny’s viral short video campaign that lays out the mechanics and consequences of vacancy control.

  Quote from Kenny's video:

  • "Here [in New York], we have vacancy control, which is regulation of an empty apartment... Even if you spend tens of thousands of dollars renovating, you can only recoup a fraction of that cost, and it can take up to 15 years..." — Kenny Burgos [18:07–18:45]

Interview with Kenny Burgos

Begins at [27:52]

Kenny’s Personal and Political Journey

• "[My] story begins in the Bronx... My parents weren’t engaged in politics, blue-collar workers... My eyes were opened in a finance internship at the NYC Council." — Kenny Burgos [28:20]
• Transitioned from city government to being elected in the NY Assembly at age 26, right as COVID hit.

What Led Kenny to Champion Apartment Owners' Cause

• Witnessed overwhelming numbers of constituents facing housing issues during Assembly service.
• Introduced legislation to address vacancy control/vacancies as a lawmaker, then took CEO role at NY Apartment Association in 2024 to advocate outside legislature.
  • "We have to present solutions... I tried to legislate that as a lawmaker." — Kenny Burgos [32:20]

Explaining Vacancy Control and Its Fallout

• "[Vacancy control is] regulating the empty apartment, not regulating the tenancy... Ended up causing a complete evisceration of the economic model." — Kenny Burgos [34:25]
• Confirmed at least 50,000 vacant rent-stabilized units due to costly required upgrades and inability to recoup costs under the new formula.
  • "We can't figure out policy to bring 50,000 apartments at a minimum back online... It's a result of policy, and this problem will only get worse if not addressed." — Kenny Burgos [36:35]

Busting Myths About Vacant Apartments

• [39:25–43:23]
  • MYTH: Landlords are colluding to keep apartments off the market.
  • TRUTH: "There’s not this large-scale collusion... The reality is laws have consequences. Most owners have to decide: ‘Do I want to lose money on an empty apartment or an astronomical amount renovating?’" — Kenny Burgos [39:38]
  • Detailed the math: Renovation costs $100,000+, but only $50,000 can be recouped over many years; new rent might not even cover operating costs.

Why Old Units Can’t Be Upgraded While Occupied

• "[Major repairs] during tenancy are subject to tenant approval... Any renovation substantial enough to require temporary displacement means the tenant has to agree, and most say no." — Kenny Burgos [46:39]
• Many units go decades without improvement; landlords often haven’t seen inside for 20–30 years.

The Pragmatic, Social-Media-Based Advocacy Approach

• Kenny credits his background and early use of social media as a lawmaker for reaching a wider audience with fact-based, engaging videos (3–4 per week now).
  • "Ten years ago, most lawmakers would say social media isn’t real life... Now, I think those words, you can argue, our mayor today was likely elected with because of social media." — Kenny Burgos [38:17]

Is It Working? Will Policy Change?

• "When I first addressed this as a lawmaker, I was accused of fearmongering... Now lawmakers are seeing bankruptcies, tenants are having issues—there's a recognition of the crisis." — Kenny Burgos [49:39]
• "Privately, lawmakers say ‘You're absolutely right, I just can't go out in public and agree with you.’ So, still more work to do." [51:32]

Policy Solutions—What Would Actually Work?

• [51:53–55:01]
  • Smart regulations: “Not looking to end rent stabilization, just make regulation work for tenants and owners.”
  • "Aggressive upzoning": “There’s no question zoning drives inflated values and shortages—competition forces prices down.”
  • Reform property taxes: NYC’s system is “backwards and convoluted,” overtaxing renters and distorting incentives.
  • Support for renters: Economic support (eg, Section 8) must be robust to compensate for wage/housing cost mismatches.

Final Thoughts on the Path Forward

• "Housing isn’t a zero-sum game… Every change in policy that is perceived to be to the benefit of a housing provider does not have to come at a cost to tenants." — Kenny Burgos [57:55]
• On Mayor Zoran Mamdani: "Politically, I don’t see any way he comes off the rent freeze, but he bears responsibility if collapse occurs. My goal is to bring everyone to the table for workable solutions." [55:27–57:59]

Notable Quotes & Memorable Moments

• "The facts are on the side of just getting more housing and opposing rent control, but we don’t see engaging short-form videos to back up those points—Kenny is really doing a good job." — Jay Parsons [01:50]
• "These homes already exist and they could be housing people right now." — Kenny Burgos [18:55]
• "If you want to remove the profit motive, sure, the city can try to operate housing... but do they have the capacity to go from 177,000 NYCHA units to 1 million rent-stabilized units?" — Kenny Burgos [44:16]
• "Most people, unfortunately, roll out of bed and the first thing they do is look at their phone... Print media has lost its audience, so I knew coming into this role I have to just continue to increase that cadence." — Kenny Burgos [38:45]
• "We make this a zero-sum game. It does not have to be.” — Kenny Burgos [57:55]

Important Timestamps

• 00:00–06:50: Rent control history & context
• 13:57–18:00: Data on economic impact post-2019 law
• 18:01–19:15: Kenny Burgos’ explainer video on vacancy control crisis
• 27:52: Start of Kenny Burgos interview
• 32:03: Kenny’s transition from lawmaker to apartment association CEO
• 34:10: Layperson’s guide to 2019 vacancy control law
• 39:25: Mythbusting about vacant apartments and the cost/renovation calculus
• 46:39: Why repairs during tenancy are impossible
• 51:53: Policy solutions for New York and other cities
• 55:27–57:59: Reflections on Mayor Mamdani, political constraints, and hope for compromise

Tone & Style

The conversation remains frank but accessible, balancing policy wonkery with practical, real-world stories. Kenny’s tone is pragmatic, solution-focused, and earnest, using hard math and personal anecdotes to illustrate systemic failures. Jay Parsons acts as both an expert narrator and a curious, skeptical interviewer, helping listeners understand why these issues resonate beyond just New York.

Summary Takeaways

This episode is an essential primer on why New York City’s rent-stabilized housing is in crisis: unintended consequences of well-meaning laws have led to massive value loss, vacant units, and failing policies. Kenny Burgos represents a new style of advocacy—fact-based, media-savvy, and ready to build bridges for solutions that ensure rental housing survives for owners and tenants alike.