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Building requirements, broker fees & how the Rent Guidelines Board really works
Manage episode 447446740 series 3556055
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This is your New York Apartment Association weekly news update with CEO Kenny Burgos.
Follow NYAA @housingny
On The Agenda
1:12: New York Community Bank sees 990% increase in multifamily loan delinquencies
2:32: New York City Council expected to eliminate broker fees for tenants
4:00: Local Law 157: What you need to know about the gas detector mandate
5:45: New housing construction shortfall → REBNY: Q3 2024 Construction Pipeline Report / NYBC: 2024-2026 Construction Outlook
6:35: How the Rent Guidelines Board really works
7:23: 2024 RGB research snapshot
- Growing financial distress in older rent-stabilized buildings in The Bronx, Northern Manhattan, and parts of Queens and Brooklyn.
- Property taxes account for roughly 30% of the rent checks for older rent-stabilized buildings.
- Operating costs continue to grow faster than inflation, including a staggering 22% increase in insurance costs.
- Interest rates remain high, making it difficult for landlords to access capital for crucial maintenance and repairs.
- Median rent-stabilized rents are $1,322, which is 26% of median rent-stabilized household income.
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