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Theres a NYC nonprofit named Picture The Homeless that contends that if all the boarded up apartment buildings that have open storefronts on the first floor wer
by 7speter 3y ago
Theres a NYC nonprofit named Picture The Homeless that contends that if all the boarded up apartment buildings that have open storefronts on the first floor were lawfully required to open their stock to renters, rent in NYC could go down significantly just because of the sheer number of these apartments that are excluded from the market, to the point that there would be significantly less need to build new housing units.
- tutorialmanager 3y agoWhy are so many units empty? The conventional wisdom is that being a residential landlord in NYC can be a nightmare. Can that really be the reason?
- jeffbee 3y agoIncreasing utilization requires a massive effort and cannot solve the crisis. Vacancy rates are currently at all-time lows. NYC's vacancy rate is the lowest in the nation, and the lowest ever measured in that city. To intuitively understand why increasing occupancy from. 97% to 98% is difficult, try filling your refrigerator to 97% by volume and then try putting one more thing in there. Counterintuitively the way to attack the housing crisis is to increase vacancy. 10% is a robust vacancy rate that allows the market to function. New buildings are vacant by nature, so building new buildings until the vacancy rate hits 10% is the way to go. The market will clear, rents will decline, developers will make reasonable profits for providing a needed service and landlords will get kicked in the teeth, which is right and proper.