"Finding 26,000 warehoused apartments in March 2024, the New York City Comptroller reported only 3,000 were too dilapidated to be habitable. That's 11.5 percent of the total. The remaining 88.5 percent of apartments don't need much to be rented out."
"So the steep costs cited in pro-landlord articles can be scratched for 88.5 percent of those apartments. Architects and permits are not required for painting and plastering, installing new cabinets, plumbing fixture replacement, resurfacing floors, and other non-structural repairs."
"Even if the claimed high costs were accurate, owners of rent-stabilized apartments do not seem to be hurting financially, as they continue to warehouse these units during a housing emergency."
New York City has 26,000 to 50,000 empty rent-stabilized apartments, with a vacancy rate of 1.4 percent. A report shows only 3,000 of these units are uninhabitable. The majority, 88.5 percent, require minimal repairs to be rented. Costs cited by landlords for renovations are often exaggerated, as many repairs do not need professional architects or extensive work. Additionally, lead abatement laws do not necessitate complete removal, allowing landlords to maintain hazardous conditions. Despite claims of high expenses, owners of rent-stabilized apartments are not financially struggling.
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