The high costs of new housing projects, such as $921,000 per unit, have prompted calls for rehabilitating existing rent-stabilized apartments as a more economical solution. Incentives for landlords are suggested to make these rentals more accessible. However, political fear of backlash from the advocacy community complicates efforts to address housing issues. Both nonprofits and for-profit landlords face stereotypes that contribute to distrust in the housing market, which ultimately harms both tenants and landlords. The vacancy of more than 50,000 rent-stabilized units highlights the urgency of this housing crisis.
Existing rent-stabilized apartments in New York represent the cheapest solution to the housing crisis, with rents being a fraction of new building costs.
Both landlords and tenants are victims of the current political impasse that intensifies the housing shortage, exacerbated by more than 50,000 vacant units.
#affordable-housing #rent-stabilization #landlord-tenant-relations #housing-crisis #new-york-politics
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