NYC Comptroller Critiques Rent Policies and Housing Crisis
New York City Comptroller Mark Levine has pointed fingers at both the state and the city’s own rent laws for exacerbating the affordable housing crisis.
Levine expressed frustration over the regulations governing the city’s 1 million rent-stabilized apartments, claiming they hinder landlords from renovating units and putting them back on the market. The inability to raise rents makes it hard for landlords to recover renovation costs.
A recent report highlighted that there were about 57,000 rental properties sitting vacant across the city last year.
“New York City is facing a severe housing shortage… There are thousands of rent-stabilized apartments that are currently unoccupied,” Levine remarked during an appearance on 77WABC’s “Cats Roundtable.” He noted the complexities of the laws contribute to this issue.
John Catsimatidis, the show’s host, added, “When an apartment is vacated but needs costly renovations—sometimes running into six figures—landlords can’t raise rents sufficiently to cover those expenses. This is why so many units are empty.”
Levine insisted that solutions are necessary: “We need to revitalize these properties to bring them back in line with the market. There’s a way to maintain affordability while providing landlords with the flexibility to handle renovations… We’re likely missing out on around 500,000 apartments.”
Recently, the Rent Guidelines Committee, overseen by Mayor Zoran Mamdani, enacted a two-year rent freeze for stabilized units, fulfilling a campaign promise. Landlords, however, argue that this will worsen the existing housing crisis by depriving them of the necessary income to maintain their properties.
Levine reiterated his criticism of policies crafted by elected officials, declaring it “too costly” to construct new housing in the city.
He mentioned that building a luxury apartment costs upwards of $1 million, while more basic dwellings run around $750,000. “It’s absurd, and the city government plays a huge role in this. The regulations make it extremely tough to secure permits,” he noted.
According to Levine, the process for obtaining housing construction permits can take between 12 to 18 months.
“We really need to improve. I believe we should be able to get approvals in 12 to 18 days instead of 12 to 18 months,” he added.
Another challenge is that rent collection rates remain below pre-pandemic figures, largely due to job losses during the health crisis.
This situation has negatively impacted New York City’s public housing, notably the New York City Housing Authority (NYCHA), which depends on rent for maintenance, Levine explained. “It’s a significant issue for all housing types, especially for NYCHA. We don’t want to displace residents… We just need to encourage timely rent payments, as NYCHA relies on that to function.”
Levine also commented on the job market, describing it as mediocre, especially with growing competition from states like Florida and Texas. “Job growth in New York is nearly stagnant, with the health care sector being the only area showing any improvement. States like Texas and Florida are also stealing our thunder,” he said.
He emphasized the need to energize job creation in New York: “We have to work harder to boost jobs here. I’m dedicated to that… There’s significant housing development happening in Florida, which often comes at New York’s expense.”
On a different note, former Republican Governor George Pataki believes New York is “in decline” under the current Democratic leadership. He stated, “We’re witnessing the deterioration of New York right before our eyes. It’s a real shame.” He criticized the Democratic supermajority in Albany for causing this issue, attributing it to high taxes, excessive regulations, and overspending.
