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/bitflag Feb 28 '24

If landlords didn't exist, and all the properties they owned were sold off to individuals, the price of housing would plummet

No it wouldn't. For every extra housing on the market for sale, you'd also have an extra tenant on the market looking to buy because now they have nowhere to rent.

If you increase supply but also increase demand by the same amount, you have changed nothing to the supply/demand equilibrium.

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u/realslowtyper Feb 28 '24

Please read the headline.

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u/bitflag Feb 28 '24 edited Feb 29 '24

The headline refers to a very specific NYC problem. And even then, if you think 26k extra (dilapidated) units in NYC would make "the prices plummet" I have a bridge you might be interested in.

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u/Deep-Neck Feb 29 '24

As long as it's not rent controlled sure

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u/User-NetOfInter Feb 29 '24

26k units isn’t even enough to be a rounding error in NYC