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All over NYC, there are empty buildings and apartments. There's space, but landlords are artificially reducing supply.
by mattwad 4y ago
All over NYC, there are empty buildings and apartments. There's space, but landlords are artificially reducing supply.
- refurb 4y agoRead up on rent control in the 70’s and landlord’s burning down their own buildings to collect insurance. Artificially forcing prices low just reduces supply. But no doubt NYC will head down that path. Seems like all major cities are repeating the policies of the 60’s-80’s that causes populations to drop.
- intrasight 4y agoFlashback to late 1970s driving through the Bronx with my family - an annual ritual as most of the extended family was still in the NYC area while we had moved to Rochester. We would pass blocks of empty high-rise apartments in the South Bronx. As a middle-middle-class suburban kid, I just couldn't conceive of how the wealthiest city on earth could have sections that looked like a bombed-out and evacuated European city following World War II. I asked my father what had happened here. He answer was "rent control".
- colinmhayes 4y agoNyc apartments are at 4% vacancy, a decent bit below the national average. This meme is just straight up false.