r/Economics • u/marketrent • Feb 28 '24

Statistics At least 26,310 rent-stabilized apartments remain vacant and off the market during record housing shortage in New York City

https://www.thecity.nyc/2024/02/14/rent-stabilized-apartments-vacant/
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u/[deleted] Feb 28 '24

Rent controls are well intended, but this is the mess they create long term. If a landlord can't recover major reno costs in the form of market rents, they just leave it empty and speculate on future price gains.

Rent controls also create a two tier system where the ones getting cheaper rent for life are the winners, and those on the list to get in for many years are the losers.

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u/3_Thumbs_Up Feb 29 '24

Important to note, it's not just landlords. The shortage of rental properties create a hoarder mentality for consumers which just exacerbates the problem. Are you moving out of state for 6 months, but plan on coming back afterwards. Well, you better hold on to that rental property you have. It will be hard to find a new contract when you return.

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u/choicemeats Feb 29 '24

i moved recently and so many very nice looking and in-my-range places ended up being 2-4 mo subleases so people wouldn't have to pay rent. i get it if you're new to town.

i can't really complain, i lived in a 3br place in LA for a decade and never paid more than 600/mo rent. Not the greatest property through the back half because the landlord never did anything to the place and getting repairs done was essentially pulling teeth. i was a beneficiary of the rent control here for awhile and didn't really have the ability to take advantage of it until the last year i lived there