A fiscal watchdog has raised concerns about New York City's rent-stabilized housing, warning that without immediate action, the city may face a maintenance crisis similar to that of NYCHA. Sean Campion of the Citizens Budget Commission emphasized that many buildings, especially those built pre-1974, are deteriorating and financially distressed. At the Rent Guidelines Board's meeting, he urged them to consider rent increases that keep pace with inflation to support building owners and halt the decline in conditions, which have worsened since the enactment of the 2019 Housing Stability and Tenant Protection Act.
"A significant share of stabilized buildings, particularly those built before 1974, are in poor condition and a growing number are in financial distress."
"The City should act now to stop the physical and financial deterioration of the rent-regulated stock before these problems grow worse and enter the maintenance death spiral."
"Several years of sub-inflation rent increases approved by the RGB have impeded the building owners' ability to maintain their properties, leading to worse conditions."
#new-york-city #rent-stabilization #housing-crisis #citizens-budget-commission #rent-guidelines-board
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