The IBO says that more than 13,000 apartments sat vacant for at least two years between 20-21 and 20-22.
Sarah Stefanski, Assistant Director of the IBO said, "There's been a lot of speculation around rent-stabilized apartments sitting empty for long periods of time, but not a lot of underlying data behind that discussion. There could be multiple reasons. It could be a property owner is in the process of renovating an apartment. A property owner is looking for a particular tenant that they haven't found yet.
The IBO says last year landlords listed more than 42,000 rent-stabilized apartments, which for a city struggling to make affordable housing available wide scale, it's eyebrow-raising for some. "Owners don't want those apartments to sit vacant. It makes no sense. A vacant apartment helps nobody," Frank Ricci said.
Ricci, the Executive Vice President of the Rent Stabilization Association says from their perspective, a number of vacancies are the result of changes to the law in 20-19 that restrict rent increases for stabilized units especially if significant repairs are needed to make an apartment habitable. "It could be anywhere from $40,000 to $100,000, depending on the size of the apartment. But under the current law, the owner is only allowed an $89 a month increase. So let's say you have a $700-a-month apartment. You have to put in $50,000 to get $89 a month back. Your rate of return is going to be 30 or 40 years," Ricci said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Find Farm To Table Food, Antiques & Endless Nature In The Hudson ValleyA natural oasis awaits just 90 minutes outside of NYC.
Read more »
Inside the Legal Battle Between a Michelin 3-Starred Restaurant in N.Y.C. and Its Celebrated ChefThe restaurant has been shuttered since July, and chef César Ramirez is seeking millions of dollars in damages.
Read more »
NYC shelter system was in crisis even before arrival of thousands of migrants: reportNew York City’s shelter system was already grappling with a series homeless crisis — even before a crush of tens of thousands of migrants overwhelmed the system, according to a stinging…
Read more »
These are the hottest and coolest neighborhoods in NYC, according to dataSo where in the five boroughs do temperatures get the highest thanks to the “urban heat island” effect? For that, you’ll have to listen to Lin-Manuel Miranda and go up “In the Heights.”
Read more »
Anticipating influx of wallabies seized from NYC, LI animal shelter builds marsupial enclosureCommunity groups and animal rights advocates have complained about people selling encounters with exotic animals in Washington Square Park and Coney Island’s boardwalk.
Read more »
NYC Opens Migrant Mega-Camp, Costing New Yorkers $20M Every MonthNew York City Mayor Eric Adams (D) has opened a migrant mega-camp on Randall's Island, costing $20 million every month.
Read more »