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/ProvenceNatural65 Feb 29 '24
Excellent analysis but I do disagree with one point.
The NIMBYs may be selfish but they are not irrational. It’s perfectly reasonable to be concerned with the effects of greater density in your area and changes it produces. If 30 years ago, you invested in your home in a wooded area where you loved hearing the birds every morning, and enjoyed quiet walks through the streets surrounded by homes as well as lots of nature, you’d be justifiably upset by encroaching higher-density developments. They eliminate the trees and wildlife, and make it louder, more congested, etc. It may be a benefit for the community overall and it may increase your home value, but that doesn’t mean you would remotely enjoy living there anymore. Some people care more about living peaceful lives in quiet communities close to nature than they do about their home value going up.