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State data obtained by The City Reporter through a public records request shows the vacancy rate for stabilized units — as reported by their owners — was 5.6% as of April last year, up from 3.7% in 2016. The outer boroughs had the biggest increases in vacancies over that period.
While the records lack information on why apartments were empty at specific points in time, experts say the overall rise in vacancies could stem from multiple factors. Those include renovations, evictions and landlords keeping units off-market because repair costs are too high to recoup with new tenants whose rents are limited under a 2019 state law.
As Washington Heights property manager Jose Tur put it: “It is very, very, very tough, and simply put, the numbers don’t work in my favor at the moment.”
Showers and possible thunderstorms throughout the day, with a high near 74 in the daytime and a low near 71 at night. Flood watch in effect until tomorrow morning.
MTA 🚇
In the Bronx, Woodlawn-bound 4 trains skip Burnside Avenue. Find all the MTA’s planned changes and the latest delays here.
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