As a rent freeze looms, rent-stabilized landlords feel the pain: “Fighting to stay alive”
New York City is set to vote on a rent freeze for stabilized apartments Thursday. For rent-stabilized landlords, it’s just another grievance on the pile. After rising insurance costs, water bills, property taxes and a statewide legislation that cratered the value of their buildings, what’s a revenue cap? “We are literally fighting to stay alive,” said Jerry Waxenberg, who owns 900 units across several boroughs. “We are running a negative cash flow.” Landlords say the real trouble started in 2019 with the Housing Stability and Tenant Protection Act of 2019. The law closed avenues for landlords to increase the rent []This article originally appeared on The Real Deal. Click here to read the full story.
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