Political Climate Clouds MF Market


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New York’s multifamily vacancy rate is “basically zero,” Cohen said during the Transactions Outlook panel.

NEW YORK CITY—The Rent Guidelines Board’s unprecedented vote this past June for a freeze on rates for one-year leases in rent-stabilized apartments hasn’t exactly put a freeze on multifamily investment sales here.  Yet the vote, coupled with mixed signals from Mayor Bill de Blasio‘s administration on the city’s affordable housing policy, has created uncertainty among investors and developers alike, according to experts at last week’s RealShare New York conference.

With its mandate of inclusionary housing raising questions of how multifamily projects will pencil out financially, the current administration will have to become “more creative” in persuading developers to do affordable housing, said Karim Hutson, founder and managing member of Genesis Cos., during the “Robust Multifamily Market” discussion. Upzoning in Northern Manhattan would be a helpful step, he pointed out…

Political Climate Clouds MF Market

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