"The RGB report revealed that pre-1974 buildings in The Bronx are experiencing severe financial distress, with over 12% of them operating at a deficit."
"Between inflated costs and capped rents, the city is witnessing a rise in bankruptcy filings and properties selling for deep discounts, some over 70%."
The financial struggles of The Bronx's rent-regulated buildings echo a past era of decline. Data from the 2023 Rent Guidelines Board reveals that over 12% of pre-1974 buildings are operating at a loss, a situation exacerbated by rising operational costs and stagnant rents. This has led to increased bankruptcy filings, with some properties selling at steep discounts, including one at a staggering 97%. The ongoing crisis raises concerns about the sustainability of housing in the area, with even banks hesitant to take on distressed properties.
Read at New York Post
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