New York City Housing Crisis and Affordability explained, why it IS happening

New York City’s housing crisis has left over 26,000 rent-stabilized apartments vacant. The 2019 Housing Stability and Tenant Protection Act (HSTPA), aimed at preserving affordable housing, eliminated vacancy decontrol, capped renovation-related rent increases, and removed vacancy bonuses. These changes make it uneconomical for landlords to repair aging units. Tenant advocates argue the law protects housing affordability, but critics say it worsens the housing crisis by locking up units.
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