The net operating income of New York’s rent-stabilized buildings dropped by nearly 14% between 2016 and 2021, according to the city’s Rent Guidelines Board as the double-whammy impact of rent regulations and the pandemic weighed heavily on landlords.The analysis was released as part of the RGB’s 2023 Income & Expense Report, and showed that NOI dropped by over 9% in 2021 from 2020, the largest one-year fall in the history of the data, breaking the previous record from 2002 after 9/11.
Source: Rent-Stabilized Buildings’ Net Operating Income Took A Record Plunge
