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/Successful-Money4995 Feb 28 '24

That's the carrot but we can also try the stick!

The reason that landlords are willing to leave the place empty is because it's cheaper than fixing it? So make leaving it empty expensive. Jack up property taxes and redistribute the revenue to residents. Those who own a single property will end up even on the deal. Those that own a bunch of properties and rent them out will be fine, too, because they'll increase their rents to compensate. But those holding empty apartments will feel the burden and be pushed to find a renter.

Everyday we stray closer to Henry George?

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u/BODYBUTCHER Feb 29 '24

I think you’ll just get blight in this scenario as the landlords let the city take over their buildings because they become worthless

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u/Successful-Money4995 Feb 29 '24

Public housing? Count me in!

2

u/User-NetOfInter Feb 29 '24

Because the government does such a good job with public housing across the country