The IBO says that more than 13,000 apartments sat vacant for at least two years between 20-21 and 20-22.
Sarah Stefanski, Assistant Director of the IBO said, "There's been a lot of speculation around rent-stabilized apartments sitting empty for long periods of time, but not a lot of underlying data behind that discussion. There could be multiple reasons. It could be a property owner is in the process of renovating an apartment. A property owner is looking for a particular tenant that they haven't found yet.
The IBO says last year landlords listed more than 42,000 rent-stabilized apartments, which for a city struggling to make affordable housing available wide scale, it's eyebrow-raising for some. "Owners don't want those apartments to sit vacant. It makes no sense. A vacant apartment helps nobody," Frank Ricci said.
Ricci, the Executive Vice President of the Rent Stabilization Association says from their perspective, a number of vacancies are the result of changes to the law in 20-19 that restrict rent increases for stabilized units especially if significant repairs are needed to make an apartment habitable. "It could be anywhere from $40,000 to $100,000, depending on the size of the apartment. But under the current law, the owner is only allowed an $89 a month increase. So let's say you have a $700-a-month apartment. You have to put in $50,000 to get $89 a month back. Your rate of return is going to be 30 or 40 years," Ricci said.
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