What is LRHRA? It is affordable homes for struggling New Yorkers.

By Empty Apartments NYC | March 25, 2024

New York City is in an affordable housing crisis. Homeless shelters are full. Voucher holders are struggling to find homes.

There is a bill in Albany that would help. It’s called the Local Regulated Housing Restoration Adjustment. It would allow empty rent-stabilized apartments in privately-owned buildings to be renovated and made available to voucher holders, following a similar process that is now available to buildings owned by nonprofits.

 After a tenant lives in an apartment for a longtime it needs mandatory renovations and upgrades that are required on turnover. The cost can easily exceed $100,000. Public records show that NYCHA has spent up to $400,000 to renovate similar units.

 Right now, rent-stabilized buildings don’t have access to funding to fix up vacant apartments. If LRHRA is passed, they would. And more than 10,000 empty rent-stabilized apartments would be available to rent in months, providing immediate relief to the housing crisis. 

This bill is a win for hard-working renters. A win for housing providers. And a win for homeless New Yorkers.


*sponsored content*