The findings show that the bulk of
current apartment renovation (about half of all annual upgrades and about half of annual renovation spending) is concentrated in a handful of states, led by California and New York (see chart above).
Entitled, «The New Housing Emergency,» the report (in full below) says loopholes in the city's
current rent - stabilization rules — like vacancy decontrol and rent increases due to
renovations — result in the loss of more than 10,000 rent - regulated
apartments per year.