New York City’s new rent freeze on roughly 1 million rent-stabilized apartments has pushed a long-running tension between tenant relief and small-landlord survival squarely onto lenders’ desks.
For multifamily lenders exposed to older, regulated stock, the question is no longer whether margins are thinning but how quickly debt coverage might crack.
In Bensonhurst, Brooklyn, landlord Natalia Bonanno said three century-old rent-stabilized buildings that once supported “a solidly ‘comfortable’ lifestyle” have turned into money pits…