“Scary and completely unsustainable.” Rent-stabilized buildings can’t pay their mortgages & the banks holding their loans are in serious trouble

Housing New York with Kenny Burgos

Housing New York with Kenny Burgos
“Scary and completely unsustainable.” Rent-stabilized buildings can’t pay their mortgages & the banks holding their loans are in serious trouble
Feb 04, 2025 Season 1 Episode 28
Housing New York

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Plus, why does rebuilding after a fire take so long? And New York is the only place we know that ties rent stabilization to a perpetual housing emergency – thereby maintaining a perpetual disincentive to build new housing.


This is your New York Apartment Association weekly update with CEO Kenny Burgos.


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Send us comments or questions at podcast@housingny.org 



On The Agenda


1:34: Rent-stabilized buildings & the banks holding their loans are in serious trouble 

    → Flagstar, formerly NYCB, dumps $142M in rent-stabilized loans

       → Flagstar reports 500% pop in past due debts as rent-stabilized purge continues

    → Bank’s multifamily loans at default risk skyrocket

       → SEC asks New York banks to reveal their exposure to rent-stabilized loans

    → Extend-and-pretend still reigns supreme


3:32: Why it takes so long to rebuild after a fire


5:23: Glorifying rent-stabilized tenants (and what gets lost)


6:48: The latest on rent stabilization in Kingston


8:35: Albany legislative session



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