Why 60,000 New York Apartments Sit Empty in a Housing Crisis, with Kenny Burgos

#753: New York City is short roughly half a million homes, yet at least 60,000 rent-regulated apartments sit empty. Under current rules, many owners lose less money by leaving them vacant than by fixing them up. Kenny Burgos is CEO of the New York Apartment Association, which represents owners of rent-stabilized buildings, and a former New York State Assemblymember from the Bronx. In this episode, we discuss: How New York's rent rules work, and why they've lasted since 1969 Why the typical New Yorker pays about $1,600 while listings ask $5,500 Why some buildings now sell for $50,000 an apartment, and why that isn't a deal How a rent freeze pushes costs onto market-rate renters and delayed repairs Why a targeted rent freeze for seniors and disabled residents works better What Vienna's housing model accounts for that New York's doesn't What aspiring landlords should weigh before buying rent-regulated property Whether you own rentals, hope to, or just want to understand the rent-control debate, this episode shows what happens when costs keep rising and rents can't. 🔗 RESOURCES MENTIONED 👉 Ready to buy your first rental property, or get more out of the one you already own? Join the waitlist for Your First Rental Property. You'll be the first to know when enrollment opens: courses.affordanything.com 👉 New York Apartment Association: https://housingny.org 👉 Housing New York podcast with Kenny Burgos: https://housingny.org/housingnypodcast 👉 Kenny Burgos on X: https://x.com/KennyBurgosNY ⏱️ TIMESTAMPS Note: Timestamps may vary slightly depending on dynamic ad placements. (03:44) Why New York's 1969 emergency rent rules never ended (04:58) The surprisingly low rent most New Yorkers actually pay (23:33) Why buildings now sell for $50,000 an apartment (25:12) Costs rose 4.5%. Rents were frozen at 0%. (31:39) The rent-freeze program that actually works (39:38) Who really pays when rents are frozen (47:13) Why 60,000 apartments sit empty during a shortage (01:01:53) Buyout or pressure? The $150,000 question (01:06:52) What Vienna gets right that New York doesn't (01:16:18) Should you buy a rental in New York? Learn more about your ad choices. Visit podcastchoices.com/adchoices