{"id":176362,"date":"2026-03-26T19:08:08","date_gmt":"2026-03-26T19:08:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/176362\/"},"modified":"2026-03-26T19:08:08","modified_gmt":"2026-03-26T19:08:08","slug":"nearly-10-of-rent-stabilized-nyc-buildings-are-run-down-as-new-mamdani-board-set-to-pass-freeze","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/176362\/","title":{"rendered":"Nearly 10% of rent-stabilized NYC buildings are run down \u2014 as new Mamdani board set to pass freeze"},"content":{"rendered":"

Nearly 10% of rent-stabilized properties in New York City are run down, it was revealed Thursday \u2014 as landlords claimed Mayor Zohran Mamdani\u2019s promised rent freeze<\/a> will only make it harder to get those units up to snuff.<\/p>\n

Members of the city\u2019s Rent Guidelines Board said at their first meeting of the year Thursday they expect to approve the rent freeze in May<\/a>, fulfilling a key campaign promise of the new, democratic socialist mayor.<\/p>\n

Brian Hoberman, the RGB co-research director, told the board that 9.2% of rent-stabilized buildings were considered distressed, slightly fewer than last year\u2019s 9.3%.<\/p>\n

\u201cSince 1990, when 13.9% of stabilized properties were considered distressed, the proportion of distressed buildings declined to as low as 4.9% in 2016,\u201d said Hoberman. <\/p>\n

\u201cSubsequently, distress rates rose. So by 2022, the distressed rate<\/a> was up to 9.8% and since falling over the last two years to 9.2%,\u201d he said.<\/p>\n

\"PeopleA rally before the Mamdani administration\u2019s \u201cRental Ripoff\u201d hearing at Fordham University in The Bronx on March 11, 2026. Getty Images<\/p>\n

Hoberman claimed that: \u201cRevenues generally exceed operating costs, generating funds that could be used for mortgage payments, improvements and pre-tax profit.\u201d<\/p>\n

But Christine Smyth, an owner representative on the board who was appointed by former Mayor Eric Adams, argued the financial state of these buildings was much more dire.<\/p>\n

\u201cWe can\u2019t just look at that mean or median numbers that\u2019s going to not tell us what\u2019s going on at the tails,\u201d she said, noting that the COVID pandemic hurt landlords so badly, that they are still just breaking even<\/a>.<\/p>\n

The tally only includes nearly 18,000 of the 50,000 buildings since ones with 11 units or fewer are not required to report finances to the city.<\/p>\n

\"MayorMayor Zohran Mamdani speaks during a press conference on March 23, 2026 in New York City. Getty Images<\/p>\n

The distressing stat comes after Mamdani campaign that was based around freezing the rent for New Yorkers is stabilized apartments. <\/p>\n

The board is set to cast its first vote on the freeze in early May. <\/p>\n

Former Mayor Bill de Blasio\u2019s administration froze the rent three times during his tenure starting in 2015 \u2014\u00a0just as the percentage of distressed properties started to tick up each year. <\/p>\n

De Blasio heralded the board\u2019s decision in 2017 after the two consecutive rent freezes, saying, \u201cI\u2019m very proud that the board made that decision.\u201d<\/p>\n

\u201cThat\u2019s never been done in history before,\u201d he said, adding, \u201cThat happened under this administration because I instructed the Rent Guidelines Board<\/a> \u2014 I name the members \u2014 and I instructed them to not follow the biases of the past, but be respectful of the needs of tenants and not just the needs of landlords, and look at all the facts.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Nearly 10% of rent-stabilized properties in New York City are run down, it was revealed Thursday \u2014 as…\n","protected":false},"author":2,"featured_media":176363,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[57,9,24,56,63,65,64,564,3006,58,82],"class_list":{"0":"post-176362","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-metro","9":"tag-new-york","10":"tag-new-york-city","11":"tag-ny","12":"tag-nyc","13":"tag-nyc-headlines","14":"tag-nyc-news","15":"tag-rent","16":"tag-residential-real-estate","17":"tag-us-news","18":"tag-zohran-mamdani"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/176362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=176362"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/176362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/176363"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=176362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=176362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=176362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}