Every New Yorker pays the price for past housing policies

Housing isn't just a policy issue in New York City—it's the lens through which most residents experience their daily lives. Our latest deep dive examines former Governor Andrew Cuomo's housing record as it becomes a flashpoint in the current mayoral race, revealing layers of complexity beneath the campaign rhetoric.

When tenant groups brand Cuomo "the landlord's favorite candidate," they're pointing to stark numbers: a 33% statewide rent increase during his governorship alongside a 50% spike in city homelessness. Critics argue his administration maintained critical loopholes in rent regulations during 2011 and 2015 that effectively deregulated tens of thousands of apartments. The reported $2.3 million flowing from real estate interests to his super PAC further fuels skepticism about whose interests shaped his housing decisions.

Yet the full picture includes contradictions worth examining. Cuomo's 2019 Housing Stability and Tenant Protection Act aimed to strengthen tenant protections and close loopholes—but was followed by a surprising 8% decrease in rent-stabilized units. This highlights the delicate balancing act between protecting tenants and maintaining economic incentives for proper building maintenance. With two-thirds of New Yorkers renting rather than owning, these policy tensions aren't academic—they determine who can afford to call the city home.

What makes this conversation relevant beyond New York is how it mirrors housing challenges facing urban centers nationwide: the push-pull between development needs, gentrification concerns, and protecting long-term residents from displacement. As you follow this mayoral race, consider the fundamental question at its core: In a complex, constantly changing city, what does truly successful housing policy look like, and what tradeoffs are we willing to accept? Subscribe to hear more deep dives into the issues shaping our cities and communities.

📰 Read more about this topic in our latest article: https://sunrisecapitalgroup.com/a-political-fight-over-housing-andrew-cuomos-record-under-scrutiny-again/

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Transcript

Introducing the Housing Debate

Speaker 1 0:00

Welcome to the Deep Dive .

Speaker 2 0:01

Good to be here .

Speaker 1 0:02

So today we're diving into something really central to the New York City mayoral race Housing .

Speaker 2 0:10

Yeah , it always is , isn't it ?

Speaker 1 0:11

Oh .

Speaker 2 0:12

But this time specifically looking at former Governor Andrew Cuomo's record .

Speaker 1 0:16

Exactly . It's well . It's under a microscope right now . And just to be clear , our mission here isn't about endorsing anyone . No , not at all . It's really about , you know , unpacking the complexities of his housing policies and how they're playing out now . Understanding the history to make sense of the present basically , we're drawing from a news article that digs into Cuomo's housing legacy , especially in the context of this election .

Speaker 2 0:39

And this isn't just abstract policy stuff , is it For New Yorkers ? Housing is well , it's everything .

Speaker 1 0:45

It really is Affects daily life , and these challenges they echo in other big cities too .

Speaker 2 0:51

Definitely .

Speaker 1 0:51

So I guess the question we're wrestling with is how do these past leadership decisions actually , you know , shape a city's affordability today and maybe tomorrow ?

Speaker 2 1:02

Well , the first thing that jumps out is how Cuomo is being framed . You hear this phrase a lot .

Speaker 1 1:06

What's that ?

Speaker 2 1:07

Landlord's favorite candidate that's coming from tenant groups , candidates backed by the Democratic Working Families Party .

Speaker 1 1:14

OK , landlord's favorite , that's pretty direct .

Speaker 2 1:16

It is , and it's not just a throwaway line . We saw a quote from Joanne Grell at Freeze the Rent .

Speaker 1 1:21

What does she say ?

Speaker 2 1:22

Something like your landlord's favorite candidate is trying to spin a new image ,

"Landlord's Favorite Candidate" Criticism

Speaker 2 1:27

but we remember the damage his policies did . Sets a real tone .

Speaker 1 1:32

Wow , okay , so that's the rhetoric , but are they backing this up with , like data or specific examples ?

Speaker 2 1:37

Oh yeah , they point to some pretty stark numbers , like a reported 33% rent increase across the state during his governorship up to 2021 . 33% rent increase across the state during his governorship up to 2021 .

Speaker 1 1:45

33% . That's significant .

Speaker 2 1:47

And alongside that , the article mentions a 50% jump in homelessness in New York City , same time frame 50% .

Speaker 1 1:53

Okay , hold on . What's the direct link they're drawing between Cuomo's actions and those numbers ?

Speaker 2 1:58

The core argument seems to center on decisions made back in 2011 and 2015 . Okay , what decisions Related to loopholes , they call them , in 2011 and 2015 .

Speaker 1 2:04

Okay , what decisions ?

Speaker 2 2:05

Related to loopholes they call them in the state's rent regulations . The accusation is that renewing these rules effectively deregulated tens of thousands of apartments .

Speaker 1 2:15

Took them off the protected rolls .

Speaker 2 2:16

That's the claim . Things like vacancy decontrol , which allowed big rent hikes when a stabilized unit became empty . Critics say keeping those loopholes going just fueled rent increases .

Speaker 1 2:26

And potentially contributed to the homelessness figures .

Speaker 2 2:29

That's the connection they're making . Yeah , and you've got others piling on too , like Comptroller Brad Lander and Zoran Mamdani , one of the mayoral candidates .

Speaker 1 2:38

What's Mamdani adding ?

Speaker 2 2:40

He's really highlighting the campaign finance side of things . Ah , the money trail , he's really highlighting the campaign finance side of things . Ah , the money trail Right , pointing to reportedly $2.3 million the real estate industry poured into Cuomo's super PAC $2.3 million

Campaign Finance and Real Estate Money

Speaker 2 2:52

, okay .

Speaker 1 2:52

And for renters struggling in the city seeing that kind of money ? Well , it raises questions , doesn't it ?

Speaker 2 2:58

Absolutely . Who are you really listening to ?

Speaker 1 3:00

Whose interests come first ?

Speaker 2 3:02

Exactly , and the article connects us to a bigger point from advocates and experts . When officials have close financial ties to developers , it can be , let's say , harder to push policies that really help lower and middle income tenants .

Speaker 1 3:21

It really puts a spotlight on that whole campaign finance transparency issue .

Speaker 2 3:23

People want to know who's funding who . For sure it gives clues , potentially , about priorities .

Speaker 1 3:26

Now , Mamdani also threw in something else , didn't he ? Something about chat GPT .

Speaker 2 3:30

Yeah , that was quite the accusation , claiming Cuomo's housing policy proposals were written by AI .

Speaker 1 3:36

Okay , that's different . Is that just political mudslinging or there's something deeper there ?

Speaker 2 3:40

Well , it might sound like just a jab , but think about why it might land with voters . How so Housing insecurity is ? I mean , it's a really raw , stressful thing for a lot of people .

Speaker 1 3:49

Yeah , deeply personal .

Speaker 2 3:51

Right . So suggesting a candidate is using AI for their housing plan ? It can easily sound like they're detached . Maybe don't get the human side of the problem .

Speaker 1 3:59

Like there's no real empathy or understanding there .

Speaker 2 4:02

Exactly . It raises doubts about authenticity , about whether the proposals actually connect with what people are going through .

Speaker 1 4:08

OK , that makes sense . But to be fair , the picture isn't all negative , right ? The article mentions some efforts towards tenant protection too .

Speaker 2 4:15

That's crucial . Yeah , you have to look at the whole picture . The big one was the Housing Stability and Tenant Protection

The Housing Stability Act's Impact

Speaker 2 4:21

Act , the HSTPA in 2019 .

Speaker 1 4:24

Right HSTPA . What was the goal there ?

Speaker 2 4:26

It was pretty significant legislation aimed to really strengthen tenant protections , mainly by broadening rent control , closing some of those loopholes we talked about earlier .

Speaker 1 4:35

So on paper , a big win for tenants .

Speaker 2 4:38

It looked like it a major shift .

Speaker 1 4:40

But there's always a but , isn't there ? The article mentions a kind of surprising outcome after HSTPA passed .

Speaker 2 4:46

Yeah , it does . So . It's figures suggesting that by 2021 , the number of rent-stabilized units actually decreased . Decreased by how much Around 8% , which was apparently about 66,000 units .

Speaker 1 4:56

Wait . So a law designed to protect tenants and expand rent stabilization was followed by a drop in stabilized units . How does that work ?

Speaker 2 5:04

It seems counterintuitive , definitely , and it speaks to . You know the complexity of unintended consequences in policy .

Speaker 1 5:12

So what was the explanation ?

Speaker 2 5:13

Well , the article notes that Cuomo himself later expressed some regret about parts of HSTPA , particularly provisions that limited how much landlords could raise rents after making building repairs or improvements .

Speaker 1 5:25

Ah , the MCI rules major capital improvements .

Speaker 2 5:29

Exactly . The argument was that the stricter limits might have sort of discouraged landlords from investing in necessary upkeep . If they couldn't recoup the costs reasonably , why bother ?

Speaker 1 5:41

Which leads right into that classic urban dilemma , doesn't it ?

Speaker 2 5:44

Totally .

Speaker 1 5:44

How do you protect tenants from huge rent hikes but also make sure buildings don't fall apart because owners aren't investing ?

Speaker 2 5:50

It's the Perennial Balancing Act , a real tightrope walk in almost every major city . You want affordability , but you also need safe , well-maintained housing stock .

Speaker 1 6:00

So finding that sweet spot is incredibly tough .

Speaker 2 6:02

It really is , and this is where the defense of Cuomo's record comes in .

Speaker 1 6:05

Okay . So what's the counter argument ? Tough , it really is .

Speaker 2 6:06

And this is where the defense of Cuomo's record comes in . Ok , so what's the counter argument ? His aide , rich Azaparti , pushes back . He highlights things like the creation of a tenant protection unit during Cuomo's time . A unit specifically for tenants , yeah , designed to enforce housing laws . Azaparti also points to plans for significant funding

Cuomo's Defense and Urban Housing Crisis

Speaker 2 6:24

for affordable and supportive housing Billions . I think .

Speaker 1 6:27

And they also mentioned his background right , His time at the federal level .

Speaker 2 6:30

Yes , they bring up his experience as HUD secretary under President Clinton .

Speaker 1 6:34

Housing and urban development .

Speaker 2 6:35

Right , the argument being look , this isn't someone new to housing policy . He has deep experience at the highest levels . So framing him as the knowledgeable hand , contrasting with the critics , exactly as a party kind of dismisses the opponents as career politicians engaging in political theatrics . It's a defense centered on experience versus maybe less practical criticism .

Speaker 1 6:57

It's also worth remembering , like the article does , that New York's housing crunch isn't happening in a vacuum .

Speaker 2 7:02

Not at all . Look at Chicago , Los Angeles , so many other cities wrestling with the same fundamental tensions .

Speaker 1 7:08

That push and pull between needing new development , dealing with gentrification fears , but also protecting existing residents from being priced out .

Speaker 2 7:17

It's almost universal in desirable urban areas .

Speaker 1 7:20

What makes New York maybe unique , or at least particularly intense , is just the sheer number of renters . Right .

Speaker 2 7:26

Absolutely Over two-thirds of the population rents their home .

Speaker 1 7:29

Two-thirds .

Speaker 2 7:29

Yeah , so when you talk about housing policy in New York City , you're not talking about a niche issue . It is the issue for the vast majority of voters .

Speaker 1 7:37

It's incredibly personal , incredibly relevant . When they go to vote for mayor , the stakes feel really high for the city's future .

Speaker 2 7:43

Definitely the livability , the accessibility for people across different income levels . It's all tied up in this .

Speaker 1 7:49

So , wrapping this up a bit , it seems pretty clear that Cuomo's housing legacy , with all its contradictions and complexities , is going to be a major battleground in this mayoral race .

Speaker 2 7:59

No doubt You've got the serious criticisms favoring landlords , the rent and homelessness stats , but then you also have significant actions like HSTPA aimed at tenant protection .

Speaker 1 8:10

And the ongoing debate about whether those actions ultimately helped or maybe even had unintended negative consequences .

Speaker 2 8:17

Right , it's about the net effect , the overall impact . Did the policies

The Bigger Picture and Closing Thoughts

Speaker 2 8:22

taken together move the needle in the right direction or not ?

Speaker 1 8:24

And stepping back this whole New York situation . It really just magnifies the housing struggles we see nationwide , doesn't it ?

Speaker 2 8:32

It really does . It shows that intricate link between political decisions , the cost of living and just the basic character of a city . Can people afford to live there ? Who gets to live there ?

Speaker 1 8:44

A struggle playing out everywhere .

Speaker 2 8:45

Yeah , making this deep dive into Cuomo's record , relevant far beyond the five barrows .

Speaker 1 8:50

So , thinking about everything we've discussed the numbers , the laws , the criticisms , the defenses it leaves you with a pretty big question , doesn't it ?

Speaker 2 8:57

Which is .

Speaker 1 8:58

In a city like New York , so complex , constantly changing , what does a truly successful housing policy actually look like ? And , maybe more importantly , what are the tradeoffs you simply have to accept when you choose one path over another ?

Speaker 2 9:11

That's the multi-billion dollar question , isn't it ? No easy answers there .

Speaker 1 9:16

Definitely something to keep in mind as you follow this election . Thanks for joining us for this deep dive .