QUESTION
Why did the number of units held vacant for 12 months or more decrease by almost half from 2021 to 2023?
1:15:34
·
58 sec
NYC reports a significant decrease in units held vacant for 12 months or longer, prompting a request for analysis.
- Council Member Pierina Ana Sanchez points out a reduction from 26,050 units in 2021 to 13,680 in 2023.
- Elyzabeth Gaumer, Chief Research Officer at NYC HPD, acknowledges the reduction and agrees to further investigate.
- Gaumer notes that fluctuations in off-market units are common for various reasons.
- The 2023 survey reveals a considerable decrease in long-term vacant units across almost all categories.
Pierina Ana Sanchez
1:15:34
So expanding on the why, so there were 13,680 units in 2023 that were held vacant for 12 months or longer where no other reason.
1:15:43
Was reported down significantly from 26,050 in 2021.
1:15:47
Do you have any understanding as of why at this time?
Elyzabeth Gaumer
1:15:53
Sorry.
1:15:54
The question is why there are fewer?
1:15:58
Well, no.
1:16:01
We are happy to do additional analysis and dig in with that.
1:16:06
As I said before, for all of the different reasons that we track why a unit may be off market.
1:16:10
We always do see fluctuation, but very important And I think very telling in our 23 survey is that almost every single category we saw very substantial drops in the number of units that were off market.
1:16:24
For any reason.
1:16:26
But that includes this very sharp drop in units that had been held for a long time.
Pierina Ana Sanchez
1:16:31
Got it.
1:16:32
Thank you.