NYC’s Vacant Rent-Stabilized Units Offer Cheaper Path to Affordable Housing

As New York City struggles with soaring housing costs and a growing affordability crisis, one cost-effective solution continues to be overlooked: the tens of thousands of vacant rent-stabilized apartments sitting unused across the five boroughs. Unlike new construction — which can cost upwards of $921,000 per unit — rehabilitating these existing homes could provide affordable housing quickly and at a fraction of the cost.

The problem stems from the 2019 Housing Stability and Tenant Protection Act, which significantly limited rent increases after landlords renovate vacant apartments. While lawmakers recently raised the cap to $30,000, stringent conditions have discouraged participation. As a result, many landlords say it’s financially unfeasible to bring units back up to code, leaving more than 50,000 apartments warehoused and off the market. Tenant advocates, meanwhile, dispute the numbers, citing just over 3,000.