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In April 2023, as a bitter debate raged between landlords, tenants and policymakers over how to bring vacant, low-cost apartments back to the rental market during a severe housing crunch, Mayor Eric Adams and city officials stepped in with a solution.
If property owners were willing to renovate worn-out, rent stabilized apartments that were sitting vacant, the city’s Department of Housing Preservation and Development would reimburse them up to $25,000 as long as they agreed to lease the units to low-income tenants with housing vouchers…