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This is your New York Apartment Association weekly news update with CEO Kenny Burgos. 

Follow NYAA @housingny 

On The Agenda

1:12: New York Community Bank sees 990% increase in multifamily loan delinquencies 

2:32:  New York City Council expected to eliminate broker fees for tenants 

4:00:  Local Law 157: What you need to know about the gas detector mandate 

5:45: New housing construction shortfall → REBNY: Q3 2024 Construction Pipeline Report / NYBC: 2024-2026 Construction Outlook

6:35: How the Rent Guidelines Board really works

7:23: 2024 RGB research snapshot

• Growing financial distress in older rent-stabilized buildings in The Bronx, Northern Manhattan, and parts of Queens and Brooklyn. 
• Property taxes account for roughly 30% of the rent checks for older rent-stabilized buildings.
• Operating costs continue to grow faster than inflation, including a staggering 22% increase in insurance costs.
• Interest rates remain high, making it difficult for landlords to access capital for crucial maintenance and repairs.
• Median rent-stabilized rents are $1,322, which is 26% of median rent-stabilized household income.

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