Mayor Zohran Mamdani announced on Thursday a plan that aims to lower property insurance costs for some building owners.
City Hall will invest in a new program to offer cheaper insurance to landlords of affordable and rent-stabilized buildings, according to a news release from the mayor’s office. The office said this will reduce premiums on 20,000 homes by next year and 100,000 homes by 2030, with the hopes of addressing insurance costs that have tripled since 2017.
What You Need To Know
Mayor Zohran Mamdani announced on Thursday a plan that aims to lower property insurance costs for some building owners
City Hall will invest in a new program to offer cheaper insurance to landlords of affordable and rent-stabilized buildings, according to a news release from the mayor’s office
The office said this will reduce premiums on 20,000 homes by next year and 100,000 homes by 2030, with the hopes of addressing insurance costs that have tripled since 2017
The mayor’s office said the city will hire experts to create the program, which is expected to offer coverage in 2027
In a statement, Leila Bozorg, the city’s deputy mayor for housing and planning, said the plan “will use the City’s purchasing power to lower insurance premiums, helping our own investments in affordable housing go farther and reducing operating costs for owners of rent-stabilized housing.”
The program will be managed by an interagency group that includes the New York City Economic Development Corporation, the Housing Development Corporation, and Housing Preservation and Development.
“We cannot take on the housing crisis without confronting one of the fastest-growing costs facing New Yorkers: insurance. That’s why we’re creating the first city-backed insurance program – to help New Yorkers stay in their homes, give building owners the support they need to make repairs, and build a city that New Yorkers can actually afford,” Mamdani said in a statement.
The mayor’s office said the city will hire experts to create the program, which is expected to offer coverage in 2027.
In response to the plan’s announcement, Ann Korchak, the president of the Small Property Owners of New York board, released a statement saying it “raises many questions and warrants a comprehensive explanation.”
“It would take years for real reform to have a meaningful impact on the operating costs of economically distressed small private property owners,” Korchak said.