NYC Comptroller report cites warehousing as big problem

 NYC Comptroller's Spotlight: NYC's Housing Supply Challenge, Feb. 13, 2024: 

EXCERPT:

One particular area of concern in the gap between vacant and available units is in the rent-stabilized stock. An August 2023 report by the city’s Independent Budget Office finds that almost a third of vacant rent-stabilized units (in 2022) were also vacant in the prior year, for a total of nearly 13,400 such units. Moreover, the IBO found that this number has more than doubled since 2017, when there were estimated to be roughly 6,500 such long-vacant units. Some property owners’ advocates have argued that the increase reflects changes in the rent regulation laws in the 2019 Housing Stability and Tenant Protection Act (HSTPA), making it more difficult to increase the rents on vacant units and therefore potentially decreasing owners’ incentives to repair those that require improvements. Tenants’ advocates argue that the restrictions were necessary to prevent displacement and preserve affordability, and that the increase may reflect buildings that were overleveraged prior to 2019. Whatever the reason, these units are an important resource of affordable housing that is not currently available – another issue for Albany to address this session.