The primary loss of the affordable housing stock in 153,000 rent-stabilized apartments from 1994-2012 in Ne York City has been due to co-op conversions, whereby the petty bourgeoisie become shareholders and real estate investors buy huge swaths of co-op apartments to sublet at market rates.
Solution? No new co-op sales permitted by the State of New York, since the co-op program, fostered by former Attorney General Robert Abrams, was just a scam by landlords to capitalize on their old apartments in view of the law of diminishing returns.
Second, all present co-ops, when on the market, must be bought by the City of New York and converted back to rent-stabilized, publicly owned housing.
Third, all entrepreneurs who bought large numbers of co-ops just to sublet at exploitative market rates, should have their properties seized by the City of New York and converted to rent-stabilized units.
Fourth, the Rent Stabilization Association of landlords should be abolished, with the Rent Guidelines Board acting independently of landlord-skewed interests.
Tenants unite, you have nothing to lose but your chains
Joseph N. Manago