AI reports that according to recent state and local housing data, more than 57,000 rent-stabilized apartments—and roughly 26,000 units classified as vacant but unavailable for rent—are sitting empty in New York City. In a city where the young can’t buy or rent apartments at anything approaching a reasonable price these idle properties are a wasted resource that Mayor Mandani should move to resolve by allowing these properties when renovated to go back on the market without rent control, forever!
Mr. Mayor the forever part is a requirement. It's what will give confidence in investing in a building’s rundown apartments and its infrastructure because the general disrepair of neighborhoods with rent controlled apartments will keep rents low for those willing to endure the blighted zone that rent control created. This proposal will be as ideologically hard for Zohran Mandani to consider as it was for the anticommunist Richard Nixon to go and start relations with Mao’s China but the free market apartments to be made available by this release is a small number added to the million free market apartments already offered and countered by the greater million plus New York apartments that are rent controlled or stabilised.
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