NYC has 1000’s of empty apartments. You'll never guess why.
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New York City is in a housing crisis—and according to official statistics, roughly 26,000 rent stabilized apartments sit vacant. That’s because New York City law makes many units unprofitable to rent. Today, we’re talking about IJ’s new federal challenge focused on vacant units—not occupied apartments—and what it could mean for property rights and renters.
Today we’re joined by IJ attorneys Suranjan Sen and Will Aronin.
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Private Property | Rental Caps
NYC Vacant Apartments
New York City, New York
New York City has a housing shortage. At the same time, tens of thousands of apartments sit vacant because New York’s Rent Stabilization Law (NYRSL) makes it economically unfeasible for building owners to lease them. The NYRSL was originally enacted in the 1970s as an emergency measure but has been rolled over every three years since then and is still operating as an “emergency” law today. While rent control laws in most jurisdictions allow rents to reset to fair market…
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