"Rental Ripoff" Hearings Are Ignoring Causes Of Housing Distress
(New York, NY) – On Thursday, February 26, the Mamdani Administration will hold its first “Rental Ripoff” hearing in Brooklyn. The event has been orchestrated to focus blame for the city’s housing crisis on private housing providers, while ignoring the impact of current policies that are driving much of the city’s rental housing into financial ruin. In particular, Pre-1974 rent-stabilized housing has been severely defunded for a decade, causing physical distress to thousands of buildings. This has been documented extensively by leading housing experts and academics, including the NYU Furman Center, Citizens Budget Commission, Community Preservation Corporation, and Citizens Housing and Planning Council.
“No one denies that some renters are dealing with serious problems,” said New York Apartment Association (NYAA) CEO Kenny Burgos. “But when buildings don’t bring in enough income to cover property taxes, utilities, maintenance and basic operating costs, decline becomes inevitable, no matter who owns them.”
Recently, the Mamdani administration filed court documents stating that a portfolio of rent-stabilized housing could not operate due to “very low-averaging rents.” The portfolio in question has rents higher than roughly one-third of current stabilized housing.
Many buildings operate with very low average rents while facing rising taxes, insurance, utilities and compliance costs. Ignoring these financial realities will not improve conditions for tenants.
“The real rental ripoff in housing is a system that pulls rent money away from repairs and building operations through excessive taxes and unfunded mandates,” Burgos said. “Blaming owners without reform, will only harm tenants and the remaining affordable housing stock.”
NYAA urges city leaders to focus on reforms that help stabilize buildings and protect long term housing quality.
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The New York Apartment Association (NYAA) is a 501(c)(6) not-for-profit organization that represents a diverse coalition of apartment building owners and managers who provide the majority of affordable multi-family housing in the state of New York. To put it simply, we are Housing New York. The official NYAA website is HousingNY.Org. @HousingNY on X; @HousingNY on Instagram; @HousingNY on Youtube, and @HousingNY on TikTok.