Freeze the rent, lose the apartments
Starts from 57,000 rent-stabilized units vacant in 2025 (5.6% vacancy rate, up from 3.7% a decade earlier). State DHCR registration data obtained by The City Reporter, reported by the New York Post, July 6, 2026 [1]
Why rent-stabilized apartments stay empty
Many long-vacant rent-stabilized apartments need major work before anyone can live in them. The law limits what an owner can recover for that work.
Renovation recovery was capped
The 2019 Housing Stability and Tenant Protection Act (HSTPA) capped recoverable Individual Apartment Improvement (IAI) costs at $15,000 over 15 years and made the increase temporary. [3]
Vacancy increases ended
HSTPA eliminated the statutory vacancy increase, so re-renting a turned-over unit no longer helps pay for repairs. [4]
Gut renovations cost more than the rent can repay
Gutting a pre-war apartment can cost upwards of $50,000, against units that may rent for about $800 a month, according to Michael Johnson of the New York Apartment Association, speaking to the New York Post. [1]
The 2024 fix is narrow
The FY2024 state budget raised the cap to $30,000, or $50,000 only for units vacant in 2022–2024 or after 25+ years of one tenancy, with DHCR pre-approval. [3]
Why a rent freeze makes it worse
Operating costs for rent-stabilized buildings rose 5.3% this year and 31.0% over five years, led by insurance (+99.9%) and fuel (+63.0%) [5]. The Rent Guidelines Board's own analysis estimated rents would need to rise about 3.4–4.5% just to keep owners' net operating income flat, yet it adopted a 0% increase for 2026–27 leases [6][7]. With 9.2% of stabilized buildings already losing money [8], every year costs rise and rents can't, more vacant units become too expensive to fix and re-rent.
New York is in a housing crisis
Only 1.41% of NYC rentals were vacant and available in 2023, one of the lowest rates on record. [2]
Every month these apartments sit empty is another month before affordable homes reach New Yorkers who need them. Bringing them back is the fastest new supply the city has, because the buildings already exist.
NYC rent freeze & rent-stabilized FAQ
- What is the NYC rent freeze?
- On June 25, 2026, the NYC Rent Guidelines Board voted for a 0% increase on one- and two-year rent-stabilized leases starting October 1, 2026 through September 30, 2027. [6]
- Will freezing the rent create more affordable housing?
- No. Operating costs for rent-stabilized buildings rose 5.3% this year and 31.0% over five years, and 9.2% of buildings already lose money. When costs rise and rents can't, more vacant units become too expensive to fix and re-rent. [5][8]
- Why are rent-stabilized apartments vacant?
- Long-vacant units often need gut renovations costing $50,000 or more, while the 2019 rent law capped what owners can recover for improvements and ended vacancy increases. The 2024 changes raised the caps only for narrow cases. [1][3][4]
- How many rent-stabilized apartments are vacant?
- About 57,000 rent-stabilized units were vacant in 2025, a 5.6% vacancy rate, up from 3.7% in 2016, per state DHCR registration data. Our live estimate is now over 60,000. [1]
- What's the difference between rent-controlled and rent-stabilized apartments in NYC?
- They are separate programs. Rent control covers about 24,020 NYC apartments, generally tenants in pre-1947 buildings who have lived there continuously since before July 1, 1971; when they move out, the unit leaves rent control and, in buildings of six or more units, generally becomes rent-stabilized. Rent stabilization covers about 960,600 apartments, mostly in buildings of six or more units built before 1974. The vacancy figures on this site are for rent-stabilized units. [9]
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