A New York rent freeze is imminent. Bondholders still expect to be paid.
How badly would a rent freeze affect New York City landlords? One credit agency now has an estimate. A five-year rent freeze in New York’s stabilized apartments would drive about 6 percent of multifamily loans to default by 2030, according to a new analysis by Moody’s Ratings. But that universe includes multifamily properties with no stabilized units. For buildings with at least one rent-stabilized unit, the rent freeze would cause more than 8 percent to default, with high rent growth in market-rate apartments helping some properties buoy their finances. As New York’s Rent Guidelines Board this month considers enacting a […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Here’s Where To Start if You’re Selling and Buying at the
Same Time
Biggerpockets Pro Members Can Now Turn Home Equity Into a
Flexible Line of Credit With Aven
Deal Diary: How a Math Teacher Bought 19 Doors
NJ developer sues Bravo Capital over stalled HUD refi on
$100M Newark tower
Puck Building condo sells for $42M in off-market
deal
“Black-ish” creator Kenya Barris lists Beverly Hills estate
for $21M three years after buying
Bondholders in danger of losing more than $80M on
A&E debt
What It Really Costs to Live in Millie Bobby Brown’s
Neighborhood
Manhattan luxury contracts buck late summer slump
Manhattan office availability shrinks to six-year
low
