Add in the state’s Tenant Protection Act of 2019, which prevents landlords from hiking rents remotely enough to cover the cost of bringing old units up to code, leaving them no choice but to leave the apartment vacant.
As a result, tens of thousands of rent-regulated units are off the market — and more every month.
And that’s to say nothing of the refusal of city and state progs to let anyone build anything.
They let the 421-a tax credit for developers expire, though it drove 75% of new affordable apartment construction over the past two decades.
And on the few occasions when a developer does manage to potentially make the numbers work, hard leftists on the City Council swoop in to shut the projects down.