RE: LeoThread 2025-12-19 14-17

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Socialism at work: New York City has about 50,000 vacant apartments because required $100,000-plus renovations can't be recouped under rent caps meant to keep units "affordable." They sit empty, which pushes up rents elsewhere

leofinance
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Laws premised on "housing is a human right" are colliding with economic reality in New York City, and the fallout could be severe

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Tens of thousands of units are vacant because rent-regulated rates are far below operating and restoration costs

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One example: a three-bedroom in the Bronx, in a transit-rich neighborhood, would have operating costs around $1,200/month but needs at least $60,000–$100,000 in repairs. That would be sensible if market rent could be about $3,000/month, yet legal rent is capped at $529, so the unit remains empty

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This pattern is widespread, raising costs for market-rate units and making housing harder to find. After the HSTPA removed the ability to reset rents on vacancy, many building values plunged, leading some owners to hand keys back to lenders and triggering foreclosures and poorer building management

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Maintenance is being deferred, units are deteriorating, and some landlords are abandoning properties. Restoring vacancy decontrol would recreate incentives to renovate and maintain buildings so landlords could recover costs after a unit empties, which is presented as the way to stop the housing stock from falling apart

#NewYorkCity #HousingMarket

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Sounds like an administration issues like a lot of our issues in Libya. !LOLZ

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