"Citywide, 61.7 percent of income is absorbed by operating and maintenance expenses, with pre-1974 buildings with 100 percent stabilized units reaching 70.6 percent. This indicates a significant financial burden on landlords operating these buildings."
"The Legal Aid Society highlighted that the average selling price of a rent-stabilized unit increased by 10.5 percent after adjusting for inflation, while buildings with 100 percent stabilized units rose 20.4 percent citywide, suggesting a potential profitability for landlords."
Maintenance costs in rent-stabilized buildings are outpacing rental income, resulting in financial distress for 9.2 percent of buildings citywide. Distress is concentrated in pre-1974 buildings and those with high stabilized units. Manhattan and the Bronx have the highest percentages of distressed buildings. Despite a citywide increase in net operating income, growth varies by location, with Staten Island seeing the largest increase. Legal Aid Society disputes claims of financial distress, citing rising property values and profits for landlords, particularly in rent-stabilized units.
Read at New York City, NY Patch
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