RE: LeoThread 2025-12-19 14-17 — Hive

You are viewing a single comment's thread from:

RE: LeoThread 2025-12-19 14-17

View the full context

professorstrange (51)in LeoFinance • 4 days ago

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

4 days ago in LeoFinance by professorstrange (51)

Sort:

professorstrange (51) 4 days ago

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

$0.00

professorstrange (51) 4 days ago

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

$0.00

professorstrange (51) 4 days ago

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

$0.00

professorstrange (51) 4 days ago

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

$0.00

professorstrange (51) 4 days ago

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

$0.00

ahmadmanga (74) 4 days ago

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

$0.00