![]() Last month, brokers and landlord groups said early signs of distress had begun to hit the rent-stabilized market.ĭata from Westchester’s MLS shows the sales price per rent-stabilized unit fell in the suburban county, too. ![]() In New York, the inability to raise rents on stabilized units has weighed on the value of rent-regulated buildings. Owners can now recoup just 2 percent each year of what they spend on fixes through rent hikes over a 12-year period, compared to 15 percent annually over eight years before the law changed.Īs a result, landlords’ net income for the county’s approximately 400 rent-stabilized buildings dropped 7 percent to $43.5 million from 2020 to 2021, the report finds, as the increase in expenses outpaced revenue growth. Still, the analysis concludes that the drop in dollars directed toward building-wide fixes “supports the prediction that changes in HSTPA will lead to lower levels of spending on property maintenance and improvement.” Construction, for instance, stalled during 2020, which could have depressed repair work. The report authors acknowledge that Covid may have affected this data. Expenditures in 2021 remained below 2019 levels. ![]() The report also cites state housing data that shows landlords spent 9 percent less on repair and maintenance bills in 2020 than in 2019. The vast majority of such buildings are in New York City, but rent stabilization exists in some of its suburbs as well. Applications for MCIs across all rent-regulated buildings in New York dropped 66 percent in the same period, according to an annual report by the state Office of Rent Administration.
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