Why 60,000 New York Apartments Sit Empty in a Housing Crisis, with Kenny Burgos

#753: New York City is short roughly half a million homes, yet at least 60,000 rent-regulated apartments sit empty. Under current rules, many owners lose less money by leaving them vacant than by fixing them up.

Kenny Burgos is CEO of the New York Apartment Association, which represents owners of rent-stabilized buildings, and a former New York State Assemblymember from the Bronx.

In this episode, we discuss:

How New York's rent rules work, and why they've lasted since 1969

Why the typical New Yorker pays about $1,600 while listings ask $5,500

Why some buildings now sell for $50,000 an apartment, and why that isn't a deal

How a rent freeze pushes costs onto market-rate renters and delayed repairs

Why a targeted rent freeze for seniors and disabled residents works better

What Vienna's housing model accounts for that New York's doesn't

What aspiring landlords should weigh before buying rent-regulated property

Whether you own rentals, hope to, or just want to understand the rent-control debate, this episode shows what happens when costs keep rising and rents can't.

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