There's plenty of new development going on, both condo and rental apartments. New rentals are typically required to set aside some percentage of units for speci

There's plenty of new development going on, both condo and rental apartments. New rentals are typically required to set aside some percentage of units for specific income levels (so-called affordable housing). Condos typically trade in 421-A tax credits (where new developments get very reduced property taxes for some period of time, in return the developer must build some number of "affordable housing" units, but not necessarily in the same building or even neighborhood). Stabilization and Control have definitely warped the market, but to date no one, on either side of the tenant/landlord divide, nor in politics has come up with a workable way to deregulate the market. It was thought that eventually the Stabilization would go away because, as we all know, no one wants to live in New York City and eventually the vacancy rate would go to 5% or more. In practice the highest it's been since 1974 is in the low 4% range in the 1980s and very early 1990s.