N
ew York City is offering landlords who have left rent‑stabilized apartments vacant a chance to receive up to $25,000 to renovate and rent them back. The initiative, called Unlocking Doors, was designed to return low‑cost units to the tight rental market, but uptake has been minimal. A Gothamist investigation found only one landlord successfully applied, and that property never received repairs. Another applicant abandoned the process.

    State law limits rent increases on stabilized units, so landlords can only exit the agreement by making costly renovations. The city’s plan is to fund those upgrades, provided the units remain affordable. In 2023, the Independent Budget Office reported 13,000 stabilized units had been empty for over a year; a year later, HPD said vacancies for units at $1,000 or less had fallen below 2,500.

    Because of the weak response, HPD doubled the reimbursement to $50,000. Yet many owners still feel the offer is insufficient. Bronx landlord Jack Ndreu warned that the upfront cost could be prohibitive and that future policy changes might strip away the benefits or the tenant’s voucher. He also noted that the pool of qualifying units—capped at $1,200 for one‑bedrooms and $1,400 for three‑bedrooms—is already small, and such apartments rarely go vacant.

    Landlord advocates fear that the program’s bureaucracy could limit future profits, as operating costs may exceed rent limits or voucher holders could lose benefits. Housing policy analyst Samuel Stein blamed the lack of participation on landlords’ unwillingness to keep rents low, even when the city covers renovation costs. He argued that landlords prefer higher rents to cover repair expenses.

    City officials counter that the program’s poor performance indicates warehousing—leaving units vacant instead of renting them—is not a widespread problem. HPD data shows very few vacant low‑cost, rent‑stabilized apartments, though every available unit is deemed critical for New Yorkers. The differing agency reports on warehousing prevalence underscore the complexity of the issue.