Housing Stock Up, Vacancy Rate Down
“The city’s housing stock increased by a record 67,792 units between 2005 and 2008, but the vacancy rate dropped from 3.09 to 2.88 percent, according to a study released yesterday. The preliminary findings of the New York City Housing and Vacancy Survey, conducted every three years, show there were 3,329,000 residential units in the city,…
“The city’s housing stock increased by a record 67,792 units between 2005 and 2008, but the vacancy rate dropped from 3.09 to 2.88 percent, according to a study released yesterday. The preliminary findings of the New York City Housing and Vacancy Survey, conducted every three years, show there were 3,329,000 residential units in the city, the most since the survey began in 1965. As it has every year, the vacancy rate remained below 5 percent – the level necessary to maintain the rent-stabilization system…The percentage of households paying more than 50 percent of their income for rent and utilities went up from 28.8 to 29.4 percent.” — NY Post
I just realized how that sounded. You know what I mean by “floor” and “ceiling”.
***Bid half off peak comps***
“And what would cause rents to decline to below rent-stabilized levels?”
The free market. It’s just as wild in DRIVE as it is in REVERSE, government intervention aside. Rent stabilized apartments have a floor as well as a ceiling.
***Bid half off peak comps***
Can anyone explain to me the magic 5% thing? Why is that the cutoff for maintaining the rent control system. And what would cause rents to decline to below rent-stabilized levels?
“Word is though that rents are flat or declining since October, so maybe people have been leaving the city and the vacancy rate has gone up and this report doesn’t yet reflect the new reality.”
Didn’t you read the first comment in this thread?
***Bid half off peak comps***
“Actually, if we had a 5% vacancy rate, I think market rate rents would start dropping down to below the levels of many rent stabilized places and landlords would be asking for some sort of rent stabilization provisions….”
DING ! DING !DING !DING !DING !DING !DING !DING !DING !DING !DING !DING !
“Word is though that rents are flat or declining since October, so maybe people have been leaving the city and the vacancy rate has gone up and this report doesn’t yet reflect the new reality.”
Eh Mopar, go around the neighborhood and lift your head up. Did you see all those Condos? All that crap will competing for renters in the near future…
The What
Someday this war is gonna end…
5% vacancy is not that big of an issue.
Actually, if we had a 5% vacancy rate, I think market rate rents would start dropping down to below the levels of many rent stabilized places and landlords would be asking for some sort of rent stabilization provisions….
What, units are up, vacancies are down according to this report. So if this trend continues, rents should continue to increase.
Word is though that rents are flat or declining since October, so maybe people have been leaving the city and the vacancy rate has gone up and this report doesn’t yet reflect the new reality.
Is there a law that says rent control ends when the vacancy rate goes above 5 percent? And that never happened, not even in the fabled 1970s? Fascinating.
the chances rent regulation will end in NY is between NIL and NONE. While there was some decontrol over the last 10 years(in a booming economy) The NY state legislature has in fact tightened the regulation over the last MONTH. Because of limited land and high cost of construction NY will never truly be a free market in housing and given many not so nice landlords out there, I am not so sure I want a free for all…
but that doesn’t mean you free market types shouldn’t have a fantasy now and then…after all the free market has brought us two trillion dollar bank crisises within one generation.(the first one in the 70’s) and now this one which will cost much more.