Mayor Zohran Mamdani and top New York City officials are rolling out a plan to drive down soaring property insurance costs to shore up the finances of some building owners and reduce the demand for higher rents.
Average insurance rates for buildings with affordable apartments more than doubled between 2019 and 2023, according to an analysis by the policy group New York Housing Conference. Last year, average insurance costs spiked by 10.5% for owners of rent-stabilized apartment buildings, recently released data from the city’s Rent Guidelines Board shows. The rates have increased as the number of companies insuring the buildings continues to shrink.
Deputy Mayor Leila Bozorg said the city will soon fund a new program that will provide liability and property insurance coverage for 20,000 apartments by 2027 and up to 100,000 apartments in 2030…