Manhattan landlords are pulling unrented apartments off the market at an unusually elevated rate, tightening inventory while rents are low and, in some neighborhoods, still falling.
The practice, sometimes known as “warehousing,” has come under greater scrutiny from housing advocates and lawmakers in recent years. Critics charge that removing units from the market creates an artificial scarcity that worsens the city’s housing shortage. Landlords say the decision to warehouse is a necessary response to both regulatory and economic changes, including heightenedBuilding owners removed 1,814 apartment listings in Manhattan last month, according to real-estate data analytics company UrbanDigs. That’s more than three times the number of apartments landlords removed from the market in February of 2020.
Reduced demand for Manhattan apartments during the pandemic sent median rental prices down more than 17% for the year ending in December, according to a report from appraisal firm Miller Samuel and real-estate brokerage Douglas Elliman. Rent concessions of up to 25% off the previous year’s rent have become common at luxury buildings, and tenants say they have
For a very long time, landlords in NYC were asking outrageous rents and their demands way too high. It’s fun watching them squeal now.
Manhattan is a nice place to visit, so just visit and enjoy yourself. But don’t live there - WAY to expensive!
The owners can afford the apartments sitting vacant, meanwhile working ppl cant afford housing. The wealth inequality in this country is sick.
Boy, how surprising that large institutional landlords don't have to take whatever money they can get to stay afloat.
Vacancy taxes make rent go down. Do it AndrewYang
Aren't they losing money?
Richard_Florida I’d rather loose money than give it away is their mindset. I had a relative have his decent car crushed when all the bids insulted him. ‘If I don’t get what I want, nobody is going to have it!!”...pride over reason.
They should not get a tax deduction if they can not prove they actively tried to rent
Making less rent $0 rent...I love the new math
blatant market manipulation. we should just seize the property.
TOTAL NIMROD MOVES -
Why not a one or two year lease? Get something for the space. Short term.
Richard_Florida Another time to follow Barcelona's lead
Richard_Florida So big city rent stabilization is partially a mirage? anthemos
Maliciously smart. 😂
Or they are offering free months
We’ll see how long that’ll last. feeltheburn
People aren’t going back. DeBlasio destroyed the city.
Should do what my city did and tax landowners who let their properties sit unused
In other words they are forcing the market to remain inflated