by Prisha Rao
In 2011, New York City had 979,142 extremely low income and low income renter households, but had only 424,949 units available to these groups. However, the issue isn’t merely a shortage of housing units. It’s a complex problem rooted in affordability and policy decisions that have left thousands of units unoccupied while many families are left without homes. As of mid-2023, the city’s rental vacancy rate plummeted to a historic low of 1.4%, the lowest since 1968. Simultaneously, the New York City Housing Authority (NYCHA) reported a waiting list of approximately 274,745 families seeking public housing as of January 31, 2023.
This stark contrast between vacant units and the pressing demand for affordable housing underscores a systemic issue. Many apartments remain empty not due to inhabitability but because they are more profitable as financial assets than as homes. Meanwhile, NYCHA, which oversees housing for over 400,000 residents, leaves nearly 5,000 apartments vacant as of 2024 because of its struggles with bureaucratic delays and deteriorating infrastructure. Some of these units are in disrepair, requiring funding for renovations before they can be occupied. These delays have ripple effects, impacting rental prices for all residents, including college students already struggling with rising living costs.
The housing crisis has made affordable housing increasingly out of reach for students. Many students in NYC face skyrocketing rents, overcrowded apartments, and long commutes because of the city’s lack of accessible housing options. Dorm shortages and the increasing cost of off-campus housing mean that even students who work part-time or rely on financial aid often struggle to afford a place to live. When thousands of apartments sit empty, it artificially reduces the number of available rental units, driving up prices across the city. A stronger public housing system or policies to push these vacant units into the rental market could ease the burden for students as well as working-class New Yorkers.
Addressing the paradox of having a housing shortage and an excess of vacant spaces requires bold policy decisions. One potential solution is repurposing vacant properties into affordable housing units. Barcelona has enacted a policy allowing the government to take over long-term vacant apartments and rent them at affordable rates. New York City could pursue a similar approach, but it would require significant legal and political maneuvering, given the powerful influence of real estate developers. Outdated regulations also still limit conversions to certain districts and pre-1990 buildings.
Streamlining NYCHA’s process to reduce apartment turnover time is another critical step. Currently, it takes an average of 399 days to re-occupy a vacant NYCHA unit, largely due to slow repairs and bureaucratic inefficiencies. Underfunding is a major contributor, as years of federal and state disinvestment have left NYCHA with a $78 billion capital backlog for repairs. Increasing maintenance budgets and cutting through administrative red tape could help expedite the process and reduce the number of vacant units.
Additionally, implementing a vacancy tax—similar to policies in Vancouver and Washington, D.C.—could discourage landlords from keeping units off the market. However, past proposals for such a tax in NYC have faced strong opposition from the real estate industry, which argues that not all vacancies are intentional. Some landlords keep apartments empty while waiting for renovations or seeking tenants who meet strict financial requirements. Without strong enforcement, a vacancy tax alone may not be enough to solve the problem.
If the city continues to stand by while rents climb, the dream of New York as a city of opportunity will fade for many workers, students, and lifelong residents. Housing, increasingly treated as a speculative asset, is becoming a barrier rather than a foundation for building community. The issue isn’t whether solutions exist—it’s whether those in power are willing to prioritize the people who make this city what it is. Without the political will to confront this crisis, we risk losing the diversity and heart that define New York.