Evening_Presence_927 t1_j62ghjc wrote on January 27, 2023 at 5:59 AM

Reply to comment by psychothumbs in Mayor Adams unveils proposal to convert Midtown offices into apartments by psychothumbs

Isn’t the issue the same as the current market rate housing stock? Foreign millionaires and billionaires buying up one or two units for investments and never using them? How exactly is that going to create downward pressure on rents?

m1a2c2kali t1_j62jnza wrote on January 27, 2023 at 6:34 AM

Well the foreign billionaires would be buying this unit instead of another unit?

psychothumbs OP t1_j63bygo wrote on January 27, 2023 at 12:35 PM

Unused units like that are a pretty small proportion of the housing stock, and it's not like billionaires will buy more apartments in the city based on more being built.

kafkaesqe t1_j62oci4 wrote on January 27, 2023 at 7:31 AM

Not if they’re rentals

Onion-Fart t1_j62oeq4 wrote on January 27, 2023 at 7:32 AM

It would be nice if there was a law saying that you need to occupy a property for a certain amount of time per year to own it and not rent it

psychothumbs OP t1_j63cfz6 wrote on January 27, 2023 at 12:39 PM

Or at least a vacancy tax

Evening_Presence_927 t1_j64esq7 wrote on January 27, 2023 at 5:12 PM

If only Adams had the stones to propose that 🤔

psychothumbs OP t1_j64favt wrote on January 27, 2023 at 5:15 PM

Yeah that's the last thing he wants - out of town property owners are his biggest constituents.