Maverick Real Estate Partners reposted this
What’s happened to the value of Rent Stabilized properties since the passage of the Housing Stability & Tenant Protection Act in 2019? A 28% median decline, with some properties seeing losses of up to 70%, is bad news for the owners of these properties – but the impact to the health of regional banks that have financed these properties is a much bigger concern. Read more in Maverick’s new white paper, now available at https://lnkd.in/eXH3pAT5
Always great analysis by Maverick
What about all the property trades that couldn't happen because they were under water? My sense is that a 28% decline in value paints a rosy picture of where the market actually is today. In underwriting loan acquisitions on RS multi, we're commonly seeing value declines in the 40%-75% range. Ooof!
Read the whole thing! Nicely done. If you want to hear more from Maverick check this out. https://newyorkmultifamily.com/episode-26-maverick-real-estate-partners-discuss-note-buying-in-nyc-with-david-aviram-and-jim-yetter/
All of the apartments in New York should be rent stabilized close to 75% of current market level and mark-up to market every 5-years.
Great work, hats off to the data crew.
Very impressive white paper. I wish Albany looked at it during the recent budget process.
The numbers don’t lie. Albany has to open their eyes to see their policies aren’t working and only are hurting.
Love this graphic! Great work Team Maverick.
This is a very thorough and detailed analysis of the crunch facing NY rent stabilized properties. Great job by John and team!
I reduce NYC property taxes for R&E.
3moHow much value loss due to higher interest rates?