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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.

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Heavy snow coming in NYC — big shoutout to all our emergency workers, but we can’t forget the supers and building workers who handle the sidewalks while NYC Sanitation covers the roads!

Heavy snow coming in NYC — big shoutout to all our emergency workers, but we can’t forget the supers and building workers who handle the sidewalks while NYC Sanitation covers the roads!

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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.

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.

1,337,471 views • 2 months ago

Housing is so backwards in NYC that a property owner is suing their bank TO TAKE the property off their hands. Just when you thought you’ve seen it all.

Housing is so backwards in NYC that a property owner is suing their bank TO TAKE the property off their hands. Just when you thought you’ve seen it all.

1,388,908 views • 11 months ago

Everyone’s talking about a $12B budget gap but let me show you why the law capping renovations at $50,000 doesn’t work today. There’s some math here, stay with me.

Everyone’s talking about a $12B budget gap but let me show you why the law capping renovations at $50,000 doesn’t work today. There’s some math here, stay with me.

427,659 views • 4 months ago

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?

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?

25,931 views • 9 days ago

People wonder why NYC has some of the highest housing costs in the nation? It’s the slow IV drip of laws like this one, adding nearly $500 of cost to install a stove, that moves rent in one direction.

People wonder why NYC has some of the highest housing costs in the nation? It’s the slow IV drip of laws like this one, adding nearly $500 of cost to install a stove, that moves rent in one direction.

476,475 views • 8 months ago

Let me show you how the law creates empty apartments all over New York City. Two very different apartments. Pre 2019 and post 2019.

Let me show you how the law creates empty apartments all over New York City. Two very different apartments. Pre 2019 and post 2019.

131,730 views • 4 months ago

This building in The Bronx sold for just $29,000 per apartment. Prices are in free fall because buildings are bankrupt with no path to save them. These prices are not advertisements, they’re warning signals.

This building in The Bronx sold for just $29,000 per apartment. Prices are in free fall because buildings are bankrupt with no path to save them. These prices are not advertisements, they’re warning signals.

84,610 views • 4 months ago

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.

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.

103,238 views • 5 months ago

The race for mayor has been centered around a rent freeze. So we went to one candidate’s rent stabilized building to see what that would look like in practice:

The race for mayor has been centered around a rent freeze. So we went to one candidate’s rent stabilized building to see what that would look like in practice:

160,419 views • 9 months ago

Property taxes are similar to tariffs. If taxes go up, so does your rent. So why is NYC increasing property taxes again, even when they recognize the value of buildings have gone down? Affordability conversation begins at property taxes.

Property taxes are similar to tariffs. If taxes go up, so does your rent. So why is NYC increasing property taxes again, even when they recognize the value of buildings have gone down? Affordability conversation begins at property taxes.

23,796 views • 4 months ago

New Rochelle is proof we can build housing, reduce rents, and provide high quality housing when you have leaders like Mayor Ramos-Herbert — who created the “New Rochelle Model”

New Rochelle is proof we can build housing, reduce rents, and provide high quality housing when you have leaders like Mayor Ramos-Herbert — who created the “New Rochelle Model”

20,380 views • 3 months ago

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.

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.

23,343 views • 5 months ago

I was in Washington DC last month — HUD and Fannie Mae are aware of the distress in rent stabilized housing. This issue will only get worse.

I was in Washington DC last month — HUD and Fannie Mae are aware of the distress in rent stabilized housing. This issue will only get worse.

11,348 views • 2 months ago

NYC already has social housing, it’s called an HDFC. Let’s see how these limited-equity cooperatives perform by looking at an example on St Nicholas Ave 🏢

NYC already has social housing, it’s called an HDFC. Let’s see how these limited-equity cooperatives perform by looking at an example on St Nicholas Ave 🏢

29,596 views • 11 months ago

“Why don’t landlords keep up with maintenance while the tenant is living there?” A question I get almost weekly. So we thought we’d dive in.

“Why don’t landlords keep up with maintenance while the tenant is living there?” A question I get almost weekly. So we thought we’d dive in.

10,693 views • 5 months ago

We should let renters buy their apartments.

We should let renters buy their apartments.

15,238 views • 11 months ago

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