'Our solution is the fastest way to get environmentally-friendly apartments on the market for New Yorkers who deserve safe, quality and affordable housing.'
Both Gov. Kathy Hochul and Mayor Eric Adams have put forth great ideas to tackle this crisis that our organization and its members fully support. But there is one idea that they have yet to consider: Creating a pathway for tens of thousands of rent-stabilized units in need of significant upgrades to get back on the market.
Our proposal would guarantee that the apartments stay rent-stabilized. It would make sure the apartments meet the highest energy-efficiency standards with electrical upgrades that make them ready to be converted to all-electric. And these apartments would be affordable to working families. Gut renovating a one-bedroom, one-bath apartment can easily exceed $100,000. Don’t take our word for it: Just look at how much New York City spends to do the same type of work on a NYCHA apartment that has been occupied for several decades. The cost is between $150,000 and $200,000. It’s important to note that most rent-stabilized buildings are decades older than NYCHA buildings.
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