This is somewhat anecdotal but progressive non profit housing people I know who manage affordable rental housing in the Bronx have been pretty freaked out about the tightness of the cash flow for a while now and genuinely worried (in a non predatory way) about how precarious the finances are
Not denying there’s a problem!
My point is that we should frame the problem as “these buildings are carrying too much debt, given what they rent for.” And not “rents in these buildings are too low, given their debts,” as the article does.
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The Furman report pretty clearly finds that the lowest rent buildings are not able to keep up with maintenance and operations. The Rent Guidelines Board says in its own paperwork that NOI is likely falling. What is your actual evidence that it is debt pushing these buildings into the red?
