RGB Season Starts

Owners’ net operating income rose 10.8% in 2015 according to Income and Expense data reported by the Rent Guidelines Board yesterday. Expenses rose 1.1%. The tightest margins appeared to be on 11-19 unit Bronx buildings with average rents of $913 and expenses of $804 per month.

The RGB Mortgage Survey, also released yesterday, found little change in 2016, with average rates up 26 basis points to 4.26% and average maximum loan to value ratios of 73.7%.

The City Department of Investigations is criticizing the New York City Housing Authority for not evicting criminals and families of criminals. Perhaps they didn’t get the memo that the City Council doesn’t want landlords to even ask employees about their criminal history and that HUD has raised questions about whether rejecting new tenants with arrest records is a form of discrimination.

State Supreme Court Judge Debra James, Tuesday, dismissed RSA’s challenge to last year’s 0% rent guideline increase. An appeal is expected.

State legislators and the Governor were expected to work all weekend on the State budget, due today. As of this morning, it looked like some form of 421a tax incentive program would be included, but negotiations on benefits for outer borough condos and co-ops were up in the air. Workers compensation reforms were also on the table at the last minute.

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