Q&A
Addressing warehoused rent-stabilized apartments and vacancy rates
2:36:27
·
103 sec
Council Member Schulman raises the issue of warehoused rent-stabilized apartments and questions why they aren't being prioritized over new construction. Chair Garodnick responds by emphasizing the severity of the housing crisis and the need for comprehensive solutions.
- Schulman cites approximately 45,000 warehoused rent-stabilized apartments
- Garodnick highlights the 1.41% vacancy rate, the lowest since 1968
- The discussion underscores the need for multiple approaches to address the housing shortage, including both new construction and utilizing existing units
Lynn C. Schulman
2:36:27
You know, we talked about so the the speaker asked a question about affordable about affordable apartments.
2:36:35
So there are a number of apartments at least 45,000 that we've counted in the council, that rent stabilized apartments that are being warehoused because the landlords feel that they don't have the ability, the incentive to fix them up and put them out in the market.
2:36:54
Has any thought been given to that?
2:36:55
Because I when I look at your proposal, it says that you're talking about building between 56 and a 100 and some odd thousand apartments over a 15 year period.
2:37:05
That's like a drop in the bucket to to a large extent.
2:37:07
So I wanna know if any thought's been given about that.
Daniel Garodnick
2:37:10
First of all, let me just thank you for your recognition that that is both important and also dropping the bucket.
2:37:17
Let me thank you for your agreeing that we're in an affordable housing crisis, and let me agree.
2:37:22
Let me thank you for your agreement that's important for us change the text and thank you for your approval of that affordable housing development in your district, all important important things.
2:37:32
The the the key answer to your question is 1.41% vacancy rate is the lowest since 1968 apples to apples vacant and available.
2:37:43
If you're talking about vacant and unavailable housing, which is what I believe you're referring to, also apples to apples.
2:37:49
We are at very, very low levels for that as well.
2:37:52
So all of this is even if you were to include those in the mix, our vacancy rates would still be dangerously low and causing enormous cost for New Yorkers.
2:38:02
So we need to do all of the things.
2:38:04
We need to increase opportunities.
2:38:05
We need to open the door.
2:38:07
And so I very much appreciate your initial comments here.
