NYC Rent Stable Buildings

A report commissioned by the real estate industry reveals the detrimental impact of the 2019 rent law on New York City’s rent-stabilized buildings. Long-term vacancies have surged, with three-year vacancies up by 125%, four-year vacancies by 97%, and two-year vacancies by 65% since 2018. The law’s limitations on rent increases for improvements have led to a 37% drop in major capital improvements filings, a 77% decline in individual apartment improvements, and a decline in net operating income. The study estimates a potential annual loss of $1.3 billion to $2 billion in property taxes by the early 2030s, calling for amendments to the rent law.