Building requirements, broker fees & how the Rent Guidelines Board really works

from Housing New York with Kenny Burgos · host Housing New York

Send a textThis is your New York Apartment Association weekly news update with CEO Kenny Burgos. Follow NYAA @housingny On The Agenda1:12: 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 Outlook6:35: How the Rent Guidelines Board really works7:23: 2024 RGB research snapshotGrowing 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.Visit our website for more information.Follow Us:BlueSkyXInstagramTiktok

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This episode is 10 minutes long.

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This episode was published on October 29, 2024.

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