If you are in an apartment with rent control it really changes the rent/buy equation.

I’ve lived in a two bedroom rent controlled apartment in San Francisco for the last 7 years. I pay significantly below market rate for rent. I also have enough to afford a down payment on a house here.

Their is no incentive for me to purchase a house unless I lose my rent controlled apartment and even then I probably wouldn’t buy. I know many of my peers who are in similar situations. I’d say the same is true of NYC.