Mamdani urged to help loosen NY rent law — in bid to put vacant affordable units on market
NY Post
Landlords of rent-stabilized apartments are urging Mayor Zohran Mamdani to lobby to fix a state law they claim is keeping thousands of vacant rent-stabilized units off the market — even as the city grapples with homelessness and an affordable housing problem.
The landlords’ pitch to loosen restrictions for the Big Apple’s one million rent-stabilized apartments comes after the Mamdani administration inked a new $1.86 billion contract with the city’s hotel industry to provide emergency shelter to homeless families over the next three years.
But Ann Korchak, president of the Small Property Owners of New York, claimed a far less costly solution to the homelessness and affordable housing crises was staring the mayor “right in the face.”
She said that caps set by the Housing Stability & Tenant Protection Act of 2019 — which limit rent increases — prevent owners of rent-regulated apartments from making necessary repairs and renovations when a tenant moves out.
That’s resulted in thousands of apartments being left both unoccupied — and off the market, Korchak claimed.
“This law has stripped owners of any financial ability to renovate and bring these apartments to code when a long-time tenant moves out,” said Korchak, who owns two apartment buildings in Manhattan.
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