Except NYC has laws making it difficult to do. A 2019 law they passed limits the amount a unit can have its rent increased in the case of a capital improvement at a small fraction of the capital cost. Now that interest rates are higher land lords are forced to keep units vacant, since theyll lose money taking a loan to get units up to code.
> 2019 law they passed limits the amount a unit can have its rent increased in the case of a capital improvement at a small fraction of the capital cost
Source? This sounds like it only applies to stabilised apartments.
> Now that interest rates are higher land lords are forced to keep units vacant
Rental vacancies are similar to what they were in 2019 [1].
