Mamdani's Zombie Apartment Nightmare

New York City faces a growing crisis of approximately 57,000 vacant rent-stabilized 'zombie apartments,' which landlords claim cost more to repair and maintain than they can recover in rent. In mid-June, small property owners staged a protest with actors dressed as zombies outside a Rent Guidelines Board hearing, highlighting rising costs from taxes, insurance, utilities, unpaid rent, and court delays. The board responded by approving a zero-percent rent increase, fulfilling socialist Mayor Zohran Mamdani's campaign promise to freeze rents without addressing landlords' underlying costs. Rent freeze supporters argue owners remain profitable, but the board's own data shows about 9% of buildings with regulated units already have operating expenses exceeding gross income, excluding debt payments. The article suggests that New York's price controls, intended to preserve affordable housing, may be exacerbating the problem by making apartments uneconomical to operate, potentially turning more housing stock into 'undead' properties.