https://gothamist.com/news/
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.
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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.
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