In this episode of Coffee & Cap Rates, Shimon Shkury sits down with Kenny Burgos, CEO of the New York Apartment Association, to discuss the current state of New York City’s multifamily housing market and the challenges facing the rent-stabilized sector.

The conversation explores the long-term impact of the 2019 Housing Stability and Tenant Protection Act (HSTPA), including vacancy control, rising costs, capital constraints, declining valuations, and affordability pressures, and how these forces are reshaping investment activity and financing conditions across NYC housing.