BBG News

Sherwin Belkin Quoted in The Real Deal on NYC Vacancy Rates

Aug 18, 2021

There is growing concern among landlords and their representatives about the accuracy of the Housing Vacancy Survey that is used to calculate New York City vacancy rates. In order to maintain rent stabilization, vacancy rates in New York City need to remain below 5%. Recently released census data shows the vacancy rate in the five boroughs averaged 6.5, however the Housing and Vacancy Survey metrics could fall below the 5% threshold as a result of how vacant units undergoing renovation are counted in the Vacancy Survey in relation to the overall stock of units available. While state lawmakers could potentially move to change the threshold should it creep above 5%, numerous landlord groups would likely challenge it in court.

Read the full article at The Real Deal

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