"The insurance program will be capitalized with an unclear amount of city funds, but not directly managed by the city. The program will offer property and liability insurance premiums 20 to 30 percent lower than the existing market, city officials estimate."
"This is absolutely part of our efforts to bring the cost of operating housing in New York City especially the costs of operating affordable and rent-stabilized housing down, said Leila Bozorg, deputy mayor for housing and planning."
"Bozorg said the program would lower premiums for landlords by taking advantage of the city's lower cost of capital, lower overhead and lower profit expectation. This would in turn save money for the city."
Mayor Zohran Mamdani is launching a publicly-backed insurance program aimed at assisting struggling landlords of rent-stabilized and affordable housing. The initiative will offer property and liability insurance premiums estimated to be 20 to 30 percent lower than current market rates. This move appears to be a response to landlord concerns regarding a forthcoming rent freeze. The program is supported by various housing organizations, but details on implementation and specific premiums remain unclear. The initiative aims to reduce operational costs for affordable housing in New York City.
Read at therealdeal.com
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