> these mostly vacant buildings in a city with a housing affordability problem
Vacancy rates are extremely low in NYC at 1.4%. Anything below 5% indicates drastic under-supply of housing. I don’t think that vacant real estate for billionaires is a significant contributor; it’s almost exclusively an issue of supply.
Vacancy rates are extremely low in NYC at 1.4%. Anything below 5% indicates drastic under-supply of housing. I don’t think that vacant real estate for billionaires is a significant contributor; it’s almost exclusively an issue of supply.