
Kenny Burgos
@KennyBurgosNY • 8,990 subscribers
Pre-1974 Rent Stabilized housing is being defunded. CEO New York Apartment Association @housingny. Former Assemblymember. Trying to hit my daily protein.
Shorts
Videos

These are so frustrating to receive. A building owner sent me this video of a 2BR Upper West Side apartment he just got back, but after he empties it out it will stay vacant going forward. The tenant lived here since 1985 and the current legal rent is $940.01 Because of the 2019 HSTPA law, a building owner is expected to fully renovate this unit to current building code (that’s a good thing), but also expected to lose money in perpetuity at the same time. This 2BD would need well over $100,000 to clean out the debris, comply with lead laws, upgrade major systems, remove the Sheetrock + much more just to make this into an apartment a tenant would actually want to live in with dignity. But the law says the $940 rent would still end up below the estimated $1300/mo it costs to operate the apt which covers insurance, property taxes, labor, fuel, and capital expenditures for the building. So if the new rent falls below the operating cost, the owner would still lose money every month and never see $1 back from the $100k+ renovation. Why would the state expect anyone to lose money like this? What bank would ever provide a loan with no path to repayment? Why do we acknowledge the cost to build housing but ignore what it takes to preserve older housing? Why do we accept this policy when thousands of New Yorkers are searching for housing in the midst of the worst supply crunch we’ve ever seen? So frustrating.
Kenny Burgos1,337,471 просмотров • 2 месяцев назад

The vacancies in NYCHA prove two things to me: 1. It does cost a lot more than $50,000 to renovate an apartment in NYC 2. The city is incapable of funding the housing stock it’s responsible for, how would the transfer of failing rent stabilized buildings somehow have a better future?
Kenny Burgos25,931 просмотров • 9 дней назад

Let me show you how the law creates empty apartments all over New York City. Two very different apartments. Pre 2019 and post 2019.
Kenny Burgos131,730 просмотров • 4 месяцев назад

Resetting regulated rent is the only way systems like rent stabilization can work. It’s why every other city in America with rent control allows for it. Otherwise buildings go bankrupt and apartments stay off the market like the 50,000 empty ones here in New York. New York has a housing shortage, but building new housing will be negated if we don’t bring these empty apartments back to New Yorkers who desperately need housing.
Kenny Burgos103,238 просмотров • 5 месяцев назад

Let’s start judging policy on results, not intention. NYC has: - a 1.4% vacancy rate - increased rents in the free market - 300,000 bankrupt rent stabilized apartments (and growing) And yet we keep digging deeper into the “landlords VS tenant” debate, which is only leading to negative outcomes for both.
Kenny Burgos23,343 просмотров • 5 месяцев назад
Больше нет контента для загрузки