1. The foreign owner thing is really overblown. They mostly invest in extreme luxury apartment, not lots of cheaper ones. The mega reit buying residential properties is also overblown. 70% of rental properties are owned by individual investors.
4. Empty units isn't really a big problem. 4.5% of NYC apartments are vacant, the majority of those due to structural reasons such as tenants moving or repairs. The historical rate is around 3%, it's quite hard to get below that.
The solution is simple. Build more units. Relax zoning requirements, incentivize density where it makes sense.
4. Empty units isn't really a big problem. 4.5% of NYC apartments are vacant, the majority of those due to structural reasons such as tenants moving or repairs. The historical rate is around 3%, it's quite hard to get below that.
The solution is simple. Build more units. Relax zoning requirements, incentivize density where it makes sense.