“this growing gap is leaving some building owners increasingly unable to cover basic operating expenses, which can lead to deferred maintenance and reduced investment in the city’s existing housing stock.
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“slowly but surely, landlords have less to invest in their properties.
“rent increases on rent-stabilized apartments have failed to keep pace with inflation for years, even as the costs of maintaining buildings have continued to rise
“the problem goes beyond new construction, arguing that government limits on rents can reduce the number of apartments available and discourage investment in existing properties.
“And not only do you end up with fewer housing units available, but the quality of those units consistently goes down as well,
“Merely the threat of a more hostile tax and regulatory environment has been enough to chill investment in New York City, and that’s already impacting prices,
“the index ignores key housing costs such as property taxes, insurance and home prices
“We need more housing!
“city officials should have conducted an ‘individualized statutorily-required initial determination’ before issuing the notices to homeowners, so as to not place the burden on the property owners.