Sherwin Belkin, Co-Founding Partner of BBG, was quoted by The City in the article titled “Tens of Thousands of Rent-Stabilized Apartments Remain Off the Market During Record Housing Shortage.”
The article highlights a critical issue in New York City: amidst a severe housing shortage, approximately 26,000 rent-stabilized apartments remained vacant last year. This situation has sparked renewed discussions on the implications of the city’s strict rent control policies, underscoring the complex interplay between housing availability and regulatory constraints.
As quoted by Mr. Belkin, “The 2019 law has made it impossible to bring those apartments back to market. They generally need lots of work to bring them up to building standard, rentability and the 2019 law provides that no matter how much an owner puts into an apartment the maximum return is $83 [a month], and only for 15 years.”
This scenario highlights the delicate balance between protecting tenant rights and incentivizing landlords to maintain and offer additional rent-stabilized housing.
