More than 60k rent-stabilized apartments are now vacant
To make housing affordable, one must make it unpalatable to investors. Lack of housing is not a problem - an excess of demand from speculative investors fueled  by too low interest rates is the problem.<p><i>Affordable housing is uninvestable housing.</i> Until advocates admit this, the walking in circles will continue.<p>i) Price controls do not work at reducing prices, there are two millennia worth of proof for this.[1]<p>ii) Higher interest rates lower housing prices by lowering the availability of loans. This is a good thing unless you are already bought into the ponzi of ever declining rates.<p>iii) <i>Affordable housing is uninvestable housing.</i> A house is a deprecative asset, the same way cars are. A house does not produce anything. You live in it and it wears down.<p>[1] <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Edict_on_Maximum_Prices" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Edict_on_Maximum_Prices</a>