New York City Comptroller Mark Levine blasted state and Big Apple rent policies for contributing to the city\u2019s affordable housing crisis.<\/p>\n
Levine complained that laws governing New York\u2019s 1 million rent-stabilized units make it difficult for landlords to renovate apartments and put them back on the market because they can\u2019t recoup costs with rental increases.<\/p>\n
The result: a recent report found that a staggering 57,000 rent units <\/a>sat vacant across the five boroughs last year.<\/p>\n New York City Comptroller Mark Levine spoke during the 40th Annual Tribute to Dr. Martin Luther King Jr. in January. Getty Images for Brooklyn Academy Of Music<\/p>\n Levine said the laws on rent-stabilized units are making it so landlords can\u2019t recoup costs, which has led to them leaving many apartments vacant. Christopher Sadowski for NY Post<\/p>\n \u201cThe problem is we just have a shortage of supply of homes in New York City \u2026 In rent-stabilized buildings, we have tens of thousands of apartments that are sitting vacant,\u201d Levine said Sunday on 77 WABC\u2019s the \u201cCats Roundtable\u201d program.<\/p>\n \u201cWhy would a landlord leave an apartment vacant? Well, unfortunately, the law is very difficult. When an apartment becomes vacant and they need very expensive renovations, sometimes a six figure price tag, the owners of the buildings are not able to raise their rent enough to cover the cost of that renovation. And so, many of these apartments remain vacant,\u201d he told host John Catsimatidis.<\/p>\n He continued, \u201cThis has got to be fixed. We\u2019ve got to activate these homes so that they go back on the market. It can be done in a way that preserves affordability, but allows for more flexibilities for landlords to be able to pay for the renovations \u2026 We probably have a shortage of 500,000 apartments.\u201d<\/p>\n The Mayor Zohran Mamdani-controlled Rent Guidelines Board recently imposed a two-year freeze <\/a>on rents for stabilized units, fulfilling a campaign promise. Landlords claimed the existing housing stock will further decline because they won\u2019t have the income to maintain their apartment buildings.<\/p>\n Levine said it \u201ccosts too damn much\u201d to build in New York City, again blaming policies set by elected officials and bureaucrats.<\/p>\n Zohran Mamdani\u2019s Rent Guidelines Board passed a two-year rent freeze for stabilized units in June. Michael Nigro<\/p>\n He said the average cost to build higher-end apartments is more than $1 million, and even $750,000 for more modest units.<\/p>\n \u201cIt\u2019s outrageous. It is partly the fault of city government, which has so many rules and regulations and makes it very, very difficult to get approval for permits,\u201d Levine said.<\/p>\n He claimed getting the paperwork done for a housing construction permit<\/a> could take 12 to 18 months.<\/p>\n \u201cWe\u2019ve got to do better. I think you should get approval in 12 to 18 days, not 12 to 18 months,\u201d Levine said.<\/p>\n