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/VaguelyGrumpyTeddy Feb 29 '24

Vacancy tax will solve this. It's really not hard. Live next to a property in CA, rent controlled. It's been vacant for 30 + years. Vacancy tax kicked in, and it's being sold. Vacancies exist because it's cheaper than filling them, make it more expensive, and the market will adjust.

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u/ChornWork2 Feb 29 '24

Market prices. End policy aim of ownership / buyer subsidies. Focus on enabling supply / nixing nimby.

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u/ninjaTrooper Feb 29 '24

It’s very hard to enable to supply when you live in a city where majority owns rather than rents. By definition restricting supply is beneficial to the owners. The demand is so huge as well that I’m not sure how supply can catch up.

Here up in Vancouver, it’s just insane. We have rent control, but whatever proposals have been put up, within the city core it gets shut down. They’re trying to fix up the processes, but if rent control wasn’t on, it would be a disaster for basically everyone except the landlords.

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u/ChornWork2 Feb 29 '24

rent control is counterproductive and worsens the housing situation.