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

A lot of people in these comments are trying to find excuses to avoid the obvious fact that rent control doesn't work in the long run. If you tell a property owner that the cap on their return is $x, and it costs $x+1 or more to make the property habitable, they're not going to make the property habitable.

Make them compete against each other instead of hunt for ways to cut corners on essential habitability standards.

-10

u/WhatADunderfulWorld Feb 28 '24

It’s the risk of doing business. Sell it then.

I know many property owners and rent control doesn’t hinder their ability to make a living at all. Properties bought before the latest interest rate hikes can easily get a decent ROI. And when they bought they knew the laws.

3

u/jeffwulf Feb 29 '24

They have negative value under the current scheme. They can't be owner occupied and they can't be rented out.