New York City residents may soon face even higher costs in an already pricey housing market.

The New York City Council will vote on a bill Thursday that would require a licensed master plumber, or someone working under one, to perform all residential building inspections and replacements of gas appliances such as stoves and clothes dryers, FOX Business' Lauren Simonetti reported Wednesday on "Varney & Co."

"There's only about 1100 plumbers licensed in the city that match those qualifications, and they do not come cheap," Simonetti said.

Critics argue that the measure could drive up costs and create delays. They estimate it would add at least $500 to the price of installing or replacing a gas appliance, while also making it more difficult to schedule the limited number of qualified plumbers.

"We estimate at a minimum a $500 cost increase to install or swap out your gas appliances if this bill were to pass," Kenny Burgos, CEO of the New York Apartment Association, told FOX Business. 

Burgos added, "But on top of that, there's a real logistics problem when you have a small number of master plumbers and so many appliances that are being teased out on a regular basis just around here city."

Renters in New York City are already squeezed. The average monthly rent in the Big Apple is $4,000 a month — 146% higher than the national average — and opponents of the bill fear that landlords will pass the added regulatory costs directly on to tenants.

However, supporters say the bill is about safety. 

"When this work is performed illegally to cut costs, you’re opening buildings and residents up to potential fire and explosion hazards from improperly connected appliances," the NYC Plumbers’ Union said in a statement.