Limits on rent increases tied to building improvements reduce landlords’ ability to recover the cost of major repairs and upgrades, weakening the incentive to invest in maintaining properties. Because these increases are now capped and temporary, some owners may delay renovations or routine maintenance, especially in older buildings where costs are high. Over time, this has contributed not only to declining building conditions but also to more units being kept off the market, as seen in the thousands of rent-stabilized apartments reported vacant and unavailable in recent housing surveys.
