With the Rent Guidelines Board voting 7-1 to freeze rents for stabilized units, building owners are raising the alarm about repairs they were already struggling to afford, under their existing revenue.
Chris Athineos, who owns a rent-controlled building in Bay Ridge, said the policy does not account for the rising cost of necessary repairs and upgrades required to keep older buildings safe and compliant.
He says data, compiled by Small Property Owners of New York, that incorporated the price of repairs into the profit figure calculated by the board, causing one member to resign in protest Thursday morning ahead of the vote…