New York City's older rent-stabilized apartments, especially those owned by smaller landlords, are facing a severe financial crisis. Approximately 1.7 million residents depend on these pre-1974 units, many of which are in financial distress. Landlords are struggling with rising costs and lower rent increases, often delaying payments on taxes and bills. This precarious situation could lead to foreclosures and further deterioration of living conditions if not addressed, which could ultimately threaten the overall housing stock and safety for tenants.
Many pre-1974 rent-stabilized units are financially distressed, threatening New York's housing stock, especially those owned by small landlords who can't recover rising expenses.
The rental income for many landlords is insufficient to cover expenses, forcing deferred maintenance and potential foreclosures, leading to deteriorating conditions for tenants.
Collection
[
|
...
]