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NY politicians keep poisoning any hope for affordable apartments
The article argues that New York City and state housing policies are worsening the shortage of affordable apartments by discouraging investment in rent-regulated buildings. It says policies intended to protect tenants, including rent limits and proposals to penalise vacant units, risk leaving more homes unrepaired or taking them out of use.
It cites 57,000 vacant “zombie” apartments that the author says cannot be renovated economically under current rent rules, and a recent auction where 14 of 15 buildings attracted no outside bids; the sole sale was for $826,000 against a $1.9 million loan. The article also criticises a new law giving qualified nonprofits a chance to buy distressed buildings, and notes that a buyer of three Crown Heights buildings reportedly has more than 1,400 open housing-code violations across properties they own or manage.
In short
- The article says rent rules are keeping some apartments vacant.
- A recent auction drew no outside bidders for 14 of 15 buildings.
- It argues that increasing housing supply is key to lowering rents.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Rent limits and penalties on vacant homes can make it harder for owners to finance major repairs, particularly where regulated rents do not cover costs. If buildings deteriorate or investors avoid them, apartments may remain unusable and the housing shortage could worsen; policies should therefore account for maintenance costs and make viable renovation possible.
The case against
Rent regulation and limits on leaving homes empty protect tenants from unaffordable increases and ensure scarce housing serves residents rather than speculative interests. Distressed buildings may reflect poor management or disinvestment as well as restrictive rules, so giving qualified nonprofits a purchase opportunity and enforcing housing standards can preserve homes while holding owners accountable.