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“Scary and completely unsustainable.” Rent-stabilized buildings can’t pay their mortgages & the banks holding their loans are in serious trouble
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Plus, why does rebuilding after a fire take so long? And New York is the only place we know that ties rent stabilization to a perpetual housing emergency – thereby maintaining a perpetual disincentive to build new housing.
This is your New York Apartment Association weekly update with CEO Kenny Burgos.
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On The Agenda
1:34: Rent-stabilized buildings & the banks holding their loans are in serious trouble
→ Flagstar, formerly NYCB, dumps $142M in rent-stabilized loans
→ Flagstar reports 500% pop in past due debts as rent-stabilized purge continues
→ Bank’s multifamily loans at default risk skyrocket
→ SEC asks New York banks to reveal their exposure to rent-stabilized loans
→ Extend-and-pretend still reigns supreme
3:32: Why it takes so long to rebuild after a fire
5:23: Glorifying rent-stabilized tenants (and what gets lost)
6:48: The latest on rent stabilization in Kingston
8:35: Albany legislative session
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