NYC's 57,000 Empty Apartments Reveal the Hidden Cost of the Rent Freeze

Executive Briefing

• Reveals nearly 10% of NYC rent-stabilized buildings now operate at a loss, nearly doubling in five years
• Estimates 57,000 rent-stabilized apartments sit vacant because renovation costs far exceed legally recoverable rent
• Traces crisis to 2019 state law eliminating vacancy bonuses and capping renovation cost pass-throughs at $50,000
• Notes Mayor Mamdani's RGB board voted the freeze despite rising insurance, labor, fuel, and property tax costs
• Warns nonprofit and city takeovers of bankrupt buildings face same financial pressures as private landlords