Over 5,000 buildings in the Big Apple are nearing total financial collapse, as Mayor Zohran Mamdani continues to support a rent-freeze for the city\u2019s nearly one million rent-stabilized apartments. <\/p>\n
Building owners are offloading properties at discounted rates up to 90%, as they\u2019re attacked with insurance hikes and \u201cchronic non-payment\u201d of rent, landlord reps warned at a Rent Guidelines Board meeting Thursday. <\/p>\n
Zohran continues to advocate for a rent freeze despite the buildings heading for financial collapse. Christopher Sadowski<\/p>\n
As the RGB gears up to vote on a preliminary rent increase or freeze in early May, landlord groups pleaded for the board to consider an increase. <\/p>\n
\u201cThe analogy we use is 100 hard working firefighters trying to put out blazes in 5000 buildings,\u201d explained CEO of the New York Apartment Association Kenny Burgos.<\/p>\n
The crisis is most acute in The Bronx. Christopher Sadowski<\/p>\n
\u201cIt\u2019s not possible\u2026 a rent freeze now would not hold the line. It would deepen the problem immediately in the buildings that are already closest to the edge,\u201d he said. <\/p>\n
Burgos noted the financial catastrophe is the worst in the Tremont, Hunts Point, and Fordham neighborhoods of The Bronx\u2013which accounts for over 34% of the city\u2019s dilapidated buildings\u2013 and is the only borough where landlords saw negative income across the board.<\/p>\n
While income for landlords was up 6.2% in the lates RGB report, Burgos argued they group was using a \u201cmillionaire average\u201d in their calculations. <\/p>\n
Thousands of buildings are in financial distress. Christopher Sadowski<\/p>\n
\u201cIf you take one millionaire and average it with minimum wage earners, you will not get a realistic average of wages, and you can\u2019t do that with these buildings either,\u201d he said. <\/p>\n","protected":false},"excerpt":{"rendered":"Over 5,000 buildings in the Big Apple are nearing total financial collapse, as Mayor Zohran Mamdani continues to…\n","protected":false},"author":2,"featured_media":207592,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[57,9,56,63,65,64,3340,564,566,58,82],"class_list":{"0":"post-207591","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-ny","11":"tag-nyc","12":"tag-nyc-headlines","13":"tag-nyc-news","14":"tag-prices","15":"tag-rent","16":"tag-rent-stabilization","17":"tag-us-news","18":"tag-zohran-mamdani"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/207591","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=207591"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/207591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/207592"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=207591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=207591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=207591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}