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Apartment Rental Vacancy Rate at 3.63% Shows NYC “Housing Emergency.”

The city’s HPD department survey results trigger renewal of rent regulation protections.

NY City Council Speaker Corey Johnson New York City Council Speaker Corey Johnson advocates extending rent regulations.

NEW YORK CITY—New York City now has the largest housing stock in its history, with approximately 69,000 units having been added between 2014 and 2017. However, the citywide rental vacancy at 3.63% is well below the 5% mark that triggers the declaration of a “housing emergency.”

These findings were part of New York City’s Department of Housing Preservation and Development’s 2017 Housing and Vacancy Survey, released on Tuesday. The positive news is incomes have increased more than rents, with incomes up 11.2% while gross rents grew at 6.2%.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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