Why NYC Apartment Buildings Are on Sale Now for 50% Off
Photographer: Timothy Fadek for Bloomberg Markets
New York City unfairly changed the rules for rent-stabilized rentals mid-game, wiping out many owners and around $75 billion in valuation. In 2023, prices plummeted 34 percent for buildings in New York with at least one rent-stabilized apartment while nonregulated apartments sold for 23% more. Even though rent caps have been shown not to work the way they should (they’re not tied to income, for one), they’re seeing a comeback nationally and around the globe, worsening the housing crisis. Meanwhile, owners are leaving thousands of units empty because it doesn’t pencil out for them to repair them and rent them.
