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What will happen to the vacancy rate if Pataki wins?

Posted by Sir Loving on May 08, 1997 at 19:28:31:

Vacancy decontrol, if allowed, must be tied to an increased vacancy rate threshhold.The rate at which a housing emergency may be declared must be chaged to 45% instead of 5%. If we have vacancy decontrol, when some people move, die or otherwise cause apartments to become deregulated, the vacancy rate is sure to rise because no one will want to pay at least $4,500.00 for a one bedroom apt. Many apartments will then remain vacant at such exorbanant prices. Many will move from New York altogether. Other people will not come to replaced the ones that left because the prices for the old apartments will be unaffordable.The vacancy rate will easily rise above the low 5% rate and rent regulation will suddenly end because no emergency (by definition) will be perceived to exist. Therefore an increased vacancy rate threshhold must be tied to vacancy decontrol to ensure affordable housing for everyone in the future.


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