Insurance costs threaten New York’s affordable housing stock

The rising cost of keeping New York’s affordable housing afloat has reached crisis levels.  A new report from Enterprise Community Partners and the National Equity Fund found operating costs for nearly 40,000 government-funded apartments in the state surged about 40 percent since 2017. Insurance premiums more than doubled in that period, a spike that could jeopardize long-term affordability, Gothamist reported. The analysis covered 428 developments comprising 37,130 income-restricted units that rely on public subsidies to cap rents. Property and liability insurance proved the most volatile expense, climbing so fast that one policy expert likened it to “a runaway train for […] This article originally appeared on The Real Deal. Click here to read the full story.