A 2019 housing law wiped out billions in wealth-building opportunities for New York’s rent-stabilized tenants — and no one is talking about it. On June 14, 2019, state lawmakers unintentionally wiped out $50 billion in wealth-building opportunity for the very people they claimed to protect. New York City has roughly 3 million apartments, fairly evenly divided among rent-regulated units, free market rentals, and condo/co-ops. Protecting the city’s poorest residents is noble — but when legislation is driven by ideology instead of logic, the consequences can be devastating. The Bad Apples…

What’s happening in the multifamily market today? The answer depends on what type of building you’re talking about. In this article I’ll paint with a broad brush and simplify five different types of deals, the challenges they each face, how buyers respond to what’s available for sale and things to consider when debating if you should hold or sell depending on what you own. 1. Inherently Free Market 2-5 Families Which Are Also Tax Class Protected There is seemingly an unlimited supply of these buildings, mostly in brownstone Brooklyn. Rents…

As the debt market goes, so goes the real estate market. Banks play a pivotal role in driving transaction velocity and pricing power. However, many banks are slow to adjust their strategies to shifts in the rent-regulated market, either failing to recognize changes or lagging a full year behind in response. With COVID-era financing reaching maturity over the next 18 months, banks must take proactive steps to facilitate refinancing, workouts, note sales, deeds in lieu, or short sales. The Challenge with Rent-Stabilized Notes When a borrower defaults, a lender’s first…