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

10/29/24 • 10 min

Housing New York with Kenny Burgos

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This is your New York Apartment Association weekly news update with CEO Kenny Burgos.

Follow NYAA @housingny

On The Agenda

1:12: 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 Outlook
6:35: How the Rent Guidelines Board really works

7:23: 2024 RGB research snapshot

Growing 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.

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Send us a text

This is your New York Apartment Association weekly news update with CEO Kenny Burgos.

Follow NYAA @housingny

On The Agenda

1:12: 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 Outlook
6:35: How the Rent Guidelines Board really works

7:23: 2024 RGB research snapshot

Growing 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:
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Previous Episode

We cannot drop the ball on City of Yes

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Why the first citywide zoning change proposed in over 60 years must pass. Plus, a smarter fix for the homeless crisis and a ballot proposition to watch in California this election.

This is your New York Apartment Association weekly news update with CEO Kenny Burgos.

Follow NYAA @housingny

On The Agenda

Organizing the City of Yes coalition

State audit finds Human Rights Division mishandled housing discrimination complaints & the Daily News Editorial Board says DHR must fix housing investigations

Finding the right balance: Scaffolding sheds & Local Law 11

A smarter fix: housing vouchers could help ease our homeless crisis. Meanwhile, the DOI finds systemic risk, nepotism and massive salaries at nonprofits responsible for NYC homeless shelters.

All eyes on California: Proposition 33 would repeal Costa Hawkins, paving the way for rent control in the Golden State

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Next Episode

The bad and the good on housing vouchers, City For All, and more

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The New York City Council introduces City For All, billed as a companion piece to Mayor Adams’ City of Yes housing plan. A California judge deems San Francisco’s Vacancy Tax Law unconstitutional. REBNY proposes an alternative Broker Bill, and lead paint abatement deadline looms.

This is your New York Apartment Association weekly news update with CEO Kenny Burgos.

Follow NYAA @housingny
Vist our website for more information.

On The Agenda

1:17: State Comptroller finds NYC Dept. of Social Services ineffective at processing housing vouchers for homeless New Yorkers

2:45: City of Yes vs. City For All

3:55: Broker Fee update: REBNY proposed alternative bill

5:31: Back to Cali: Judge blocks San Francisco’s Vacancy Tax Law

6:49: ‘More than 10,000 NYCHA apartments abated for lead’ Summer 2025 is the deadline for lead paint testing in rent stabilized apartment buildings

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Housing New York with Kenny Burgos - Building requirements, broker fees & how the Rent Guidelines Board really works

Transcript

More rent stabilized buildings are in distress. That's from a top bank that's trying to figure out what to do with thousands of loans; we break it down.

Could a New York City Council mandate end up bankrupting rent stabilized buildings? We discuss Local Law 157.

And we want to set the record straight on the Rent Guidelines Board, as some try to politicize this independent body.

Let's start Housing New York.

[THEME]

“We need 800,000 units