Mayor de Blasio has signed legislation, pushed for years by homeless advocates, requiring the city to conduct vacancy surveys of buildings. These surveys, the advocates argue, will reveal an untapped supply of available housing being kept off the market for speculative purposes. The real motive behind this legislation, though, is to interfere with how private owners of real estate plan to use their property, and even penalize them for not renting it out quickly enough.
The Facts You Need to Know
Boom: New York City’s greatest housing-construction boom took place free of government intervention. Read more.
Freeze: “Permanent affordability” regulations create significant disincentives to vacate apartments. Read more.
Marked: Landmarking of buildings, blocks, and even entire neighborhoods has constrained construction, and made it impossible to build new housing in many upscale neighborhoods. Read more.
“Many owners, including the city, may be in the process of planning for the development on the vacant site and these predevelopment activities can take quite some time before construction can begin and is apparent on the site.”
"By creating more housing for all income levels, we will be providing a road map everyone can strive for." There is no doubt that there is a housing crisis in NYC, but elected officials need to create affordable housing for all classes in need of it https://t.co/BexBhg5p16— RSA (@TheRSAnyc) January 10, 2018
The Past is Present
“Misguided policies keep some New Yorkers in subsidized apartments and raise costs for everyone else.”
And in other news...
“Undercover investigators posing as jail guards smuggled marijuana, blades and a narcotic painkiller into lockups in Brooklyn and Manhattan by exploiting the same deficiencies identified in a 2014 audit, the New York City Department of Investigation said Thursday.”