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this post was submitted on 19 Jul 2025
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Because costs only go up, that's why. It may not be profitable tomorrow at all.
Then lift the freeze once there's no profit left anymore, or just keep the freeze for existing buildings. Limit the rent increase etc.
The issue here is, and this has happened before, investors will either sell the property, meaning those not in a position to buy are screwed, or they will do the bare minimum to keep the building functioning, as there is no incentive to improve the building.
They already only do the bare minimum. You practically have to take your landlord to court to get any meaningful fixes in your apartment. All new developments are built like shit, developers cut corners anywhere they can. After the building is built the developer "vanishes" so there isn't anyone to sue when there is something seriously wrong with the building. They just open a new throw away LLC later and put up another shit building. You must not live in NYC