NYC: Landlords are keeping fewer stabilized apartments vacant than you think
New York City’s housing agency says the number of low-cost, rent-stabilized apartments being held vacant plummeted last year amid an increasingly dire shortage of affordable units.
The extent of the problem is negligible compared to the vast need for new housing supply, Fowler said. Overall, just 1.4% of all New York City apartments were vacant and available for rent last year, according to the survey. Meanwhile, less than 1% of the city’s roughly 1 million rent-stabilized apartments were vacant and available to rent.
Jay Martin, director of the Community Housing Improvement Program, which represents smaller owners of rent-stabilized apartments, said the 26,300 empty and unavailable apartments all likely have rents too low for landlords to break even or turn a profit,“Apartments that were right on the edge of being profitable, owners figured out how to get back online,” he said.
The survey is conducted roughly every three years, and the initial report issued earlier this month does not indicate how many specific rent-stabilized units were vacant in consecutive years — a metric that could suggest how many are being held offline.by the city’s Independent Budget Office found that around 13,000 rent-stabilized units were vacant and held off the market for more than a year, suggesting some level of “warehousing.
Still, estimates on the number of empty units have come to dominate policy debates as different sides of the issue point to various estimates to further their arguments. .
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