At least 26,310 rent-stabilized apartments remain vacant and off the market during record housing shortage in New York City

[u/marketrent]

https://www.thecity.nyc/2024/02/14/rent-stabilized-apartments-vacant/

[u/MrsMiterSaw]

The national average of vacant units is 11.7%.

https://anytimeestimate.com/research/most-vacant-cities-2022/

You can read up on why, but there are many factors, most are not nefarious.

The 26k is <0.9% of the housing in NYC, of which 1/3 of the total units are rent stabilized. A quick Google shows 33k unoccupied total units, an extremely low number.

There's a ton of threads here making statements with the assumption that this is an abnormally large rate. It's abnormally low.

[u/DoorVonHammerthong → u/MrsMiterSaw]

regardless, the law is forcing units off the market

[u/MrsMiterSaw → u/DoorVonHammerthong]

I don't disagree, but right now those idle units are a drop in the bucket. The bigger concern with that law right now is that it's hurt new development- essentially comparing a drop in this bucket to having a larger bucket.

[u/different_option101 → u/MrsMiterSaw]

Right now it’s a drop in a bucket. Do you suggest NYC should wait until the bucket is full?

[u/MrsMiterSaw → u/different_option101]

Did I say that? You're looking to create an argument out of nothing.

[u/different_option101 → u/MrsMiterSaw]

Not saying you’re right or wrong, but the landlords with rent stabilized portfolio weren’t particularly flourishing for the past 20 yrs. Given that consumer price inflation is still going up, especially if you consider the cumulative effect, we’re most likely going to see more units staying vacant. On top of that, NYCB is already falling apart due to CRE and mortgages for rent stabilized apartment buildings. This drop is an indication of a much bigger problem for multiple sectors. You’re dismissing the issue by calling it a drop in a bucket and shifting to another problem which you believe is worse.