Mamdani's tenant advocate Cea Weaver finds common ground with affordable housing developers | amNewYork

"Weaver defined a low-road landlord as one that is persistently unavailable to their residents, who is buying their buildings with a speculative intentand ones that are not responsive to the city or the residents when there are problems and they need to be resolved."

"And though the Mamdani administration's support for a freeze on rent-stabilized increases has rankled some affordable housing owners, the two sides agreed in the law school housing panel that there are bigger issues facing New York's affordable housing stock."

"The difference between a 0% increase and a 2% increase is not moving the needle, said Rafael Cestero, the head of an affordable lender called the Community Preservation Corporation. Is it making it marginally worse for the period of the freeze? Yes, for sure, but it is not the fundamental problem."

"Cestero blasted the cost of insurance and a broken property tax system as the real problems that are pressing down on the city's rent-stabilized housing stock, and seemed to find agreement in Weaver that much of the city's aging affordable housing, which often dates back decades, is at risk of not getting the repairs it needs to keep operating. According to his organization's data, operating expenses for rent-stabilized buildings have increased at a rate of 27% since 2020 with insurance costs up 75% during that period of time."

A set of official criteria defines a low-road landlord as one that is persistently unavailable to residents, buys buildings with speculative intent, and fails to respond to the city or residents when problems require resolution. The criteria were presented alongside a broader discussion of how much city government control exists over rent across housing types. Support for a freeze on rent-stabilized increases has upset some affordable housing owners, but panel participants agreed that larger issues threaten New York’s affordable housing stock. A small difference between 0% and 2% rent increases was described as not addressing fundamental pressures. Insurance costs and a broken property tax system were identified as major drivers of strain, alongside aging buildings at risk of not receiving needed repairs. Operating expenses for rent-stabilized buildings were reported to have risen 27% since 2020, with insurance costs up 75%.

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