Right now thousands of rent-stabilized apartments in NYC are sitting vacant.
Why is this happening? The current rent laws make it impossible to rent them.
Our number one priority is to bring tens of thousands of rent stabilized apartments back to the rental market. Apartments that have been occupied for the longest time have the lowest rents, but also the highest renovation costs. Most of these apartments are out of date with housing codes once the tenants move out, so they must be renovated. The cost of the renovations would never be recovered by the owner, due to the low rents.
The Solution
The solution we support, the Local Regulated Housing Restoration Adjustment would allow the rents to be raised to comparable apartments in the area, allowing the owner to make necessary upgrades. The units would stay stabilized, be lead-free, prepared to be in compliance with city and state climate initiatives, and they would be available to voucher holders.