The Real Deal New York

More than 100,000 rent-regulated apts. may go market-rate

Tribeca, Chelsea and Upper West Side stand to lose most units
June 04, 2015 05:31PM

Vacancy decontrol could cost the city roughly 100,000 affordable apartments.

Most of the rent-regulated apartments likely to be impacted are in the city’s most expensive areas — such as Tribeca — much to the chagrin of affordable housing advocates, the New York Daily News reported. Some rents could rise to $4,000 a month.

The Upper West Side and Chelsea could lose almost half their regulated apartments, according to the Daily News.

Mayor Bill de Blasio has been fighting to end vacancy decontrol.

“Thousands of tenants are facing illegal harassment and eviction,” de Blasio told the newspaper, “because there is so much money to be made by flipping a rent-stabilized apartment to market rate.” [NYDN] — Claire Moses