NYC Landlords Warn Rent-Freezes Threaten Family Firms, Challenge 12% ROI Claims

2 articles · Updated · Fox News · Jul 21

Brooklyn landlord Natalia Bonanno said her family is selling most of its rent-stabilized buildings because current rules and costs leave little prospect of profit or reinvestment in New York.
12% return claims by NYC Democratic Socialists co-chair Gustavo Gordillo drew pushback from Bonanno and Jose Tur, who said net operating income figures ignore mortgages, insurance, taxes and upkeep on aging buildings.
Tur said calls to freeze rents and dismiss double-digit returns misread the economics of small, family-run landlords, especially owners of rent-stabilized properties rather than large real estate firms.
The dispute highlights a wider clash over New York housing policy, with some owners warning that tighter rent rules could push investment into non-rent-stabilized units or out of state.