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Landlord advocate creates "tenant-landlord" group on warehousing

https://citylimits.org/new-player-enters-debate-over-vacant-rent-stabilized-apartments-what-else-happened-this-week-in-housing/

Comment (not in the City Limits article)  :

The former head of a group representing owners of rent stabilized buildings has created a new group to deal with apartment warehousing.  They've hired canvassers to go door to door to sign up tenants who don't want rent-stabilized apartments kept off the market.  

The problem: The group pretends it doesn't have a solution in mind.  But the head of the group, Jay Martin, has been advocating for years to raise rents on empty apartments.  That would price out ordinary New Yorkers, more than half of whom are rent-burdened (paying more than 1/3 of their income in rent). 

What's been pending in Albany: a "vacancy reset" so that for rent-stabilized apartments occupied for at least 10 years, the landlord and the new tenant can set a new base rent. Given the shortage of NYC apartments, that will create a bidding war - and the tenant who offers the HIGHEST rent will get the apartment; that rent will become the new "legal regulated rent" for that apartment.  And that means

• landlords will have an incentive to get long-term tenants out (something we thought we stopped with the 2019 Housing Stability and Tenant Protection Act) and 
• those apartments will only be affordable to the wealthiest tenants. 

The City Limits article doesn't note that where landlords maintain apartments that tenants live in for decades, landlords do not need huge sums of money to get those apartments ready to rent out again once the tenant leaves. Cartoon credited to Sue Susman using Gemini.  

Comptroller Mark Levine on the ball

Thanks to Comptroller Mark Levine for responding, and seeking ideas on how to curb the warehousing of affordable apartments - without costing the taxpayers a lot.  

But the problem remains unresolved, and we don't even have an exact count of warehoused apartments. 

Open letter to NYC Comptroller Mark Levine

I was disappointed at the "six figure price tag" you are quoted as saying in a recent NY Post article:

“Why would a landlord leave an apartment vacant? Well, unfortunately, the law is very difficult. When an apartment becomes vacant and they need very expensive renovations, sometimes a six figure price tag, the owners of the buildings are not able to raise their rent enough to cover the cost of that renovation. And so, many of these apartments remain vacant,” he told host John Catsimatidis. He continued, “This has got to be fixed. We’ve got to activate these homes so that they go back on the market. It can be done in a way that preserves affordability, but allows for more flexibilities for landlords to be able to pay for the renovations … We probably have a shortage of 500,000 apartments.”

It's good you qualified the statement with "when they need very expensive renovations, sometimes a six figure price tag." But that is the exception, not the norm. As your predecessor found, only about 3,000 of the 26,000 vacant units (or 57,000 per DHCR) need a great deal of work to be habitable.  So there's no need to focus on the outlying number and underscore landlord talking points. 

Our Coalition to End Apartment Warehousing reported in April 2026 that repair costs are generally much lower than six figures.  In Park West Village -- part of your old City Council bailiwick -- the owners warehoused 60 rent stabilized apartments for a few years until they thought they had a deal to rent them out to hospital employees.  So the owners rehabbed all 60 within a couple of months, with a few days spent on each.  When the deal fell through, the newly-renovated apartments stayed empty.  The former tenant association president there reported that more recently when Stellar took over the management from the bankrupt Chetrit, some of those apartments are now being rented out.  But Stellar is not doing that at 50 West 97th Street.  There are close to 20 warehoused apartments (the number unfortunately goes up as more of the older tenants die).  There are two on the 15th floor, for example, and the one next door just needs a coat of paint and new appliances (possibly flooring over the old tile).  The Coalition's 2026 Supplement includes those costs.  

A real reason for warehousing came out on the Brian Lehrer Show on July 1, 2026 when a landlord caller said he didn't want to rent out vacant apartments in part because that would keep those apartments rent stabilized forever - and that he didn't want to keep getting ONLY the low rent.   Why not apply to DHCR for a hardship increase?  He clearly didn't think that a guaranteed return of roughly 6% on his investment was adequate.  And Unlocking Doors probably wouldn't suit his image of the right kind of tenant.  One might respond: too bad. 

The state legislature increased IAIs in 2024 to accommodate the cost of rehabilitating apartments in old buildings. But we don't need more taxpayer support so landlords can make a higher rate of return.  You've been a staunch ally of tenants for decades. Please stand up for us now, and don't repeat feeble landlord talking points.  

Sue Susman 

57,000 rent-stabilized units sat vacant in 2025

 https://gothamist.com/news/57000-rent-stabilized-apartments-sat-empty-in-nyc-housing-agency-says

by David Brand

EXCERPT:

The figure was revealed in a letter that the state’s Division of Homes and Community Renewal sent to the city’s Rent Guidelines Board on Wednesday. Gothamist obtained a copy of the letter, which shows the number of vacant apartments rose by about 8,000 last year, with the largest increases in Brooklyn and Queens.

Officials cautioned that the count on April 1, 2025 of 57,421 empty units includes stabilized apartments in new buildings that have not yet been leased, as well as units awaiting a new tenant due to typical apartment turnover. The number also does not capture how many units were “warehoused” by landlords, or held off the market for multiple years. Still, the figure will add fuel to an ongoing debate between landlords and tenant advocates.

...

Landlords say a 2019 measure that prevents them from raising rent on vacant stabilized units disincentivizes owners from fixing up apartments and putting them back on the market because current-allowable rents won’t offset renovation costs. Tenant groups say landlords are exaggerating the number of apartments that they are holding off the market to gain political support for their goal of weakening renter protections. 

April 23 2026 Op Ed in City Limits

 

https://citylimits.org/opinion-most-empty-rent-stabilized-apartments-dont-need-a-lot-to-be-habitable/

Separating Myth from Fact: New Report!

Landlords have been warehousing rent stabilized apartments all over New York City in part claiming that owners lack money to bring the units up to code to rent out again. 

A new report from the Coalition to End Apartment Warehousing debunks that claim.  So even before massive construction that the City has proposed, there are existing apartments that people in this district could live in with minimal expenditures by the landlords.