Views from the Northwest Bronx

Well-documented long-standing income, racial and ethnic disparities as well as health issues in the Bronx led to a disproportionate number of cases in the borough. 

In this post, we will focus on financing trends among owners and investors in private, rent-stabilized housing in New York City. Below is an attempt to capture some of the changes in the housing finance landscape over the past number of months and particularly since the beginning of the current public health crisis. Without predicting the future, we hope to raise a number of questions as to where that market is headed and how tenants might be affected, with an emphasis on data and  examples from the Bronx. 

Among the many health and economic concerns facing New York City during the Covid-19 Pandemic is the ability of affordable housing projects to continue to provide the safe and quality housing that residents deserve. With massive unemployment requests and businesses closing indefinitely, rent collections are projected to drop significantly.

The NWBCCC Reinvestment Project and UNHP are featured in this essay by Gregory Jost, a former UNHP staff member, and valued colleague. The essay was originally published by Urban Ominibus and developed out of Greg's research for a book on redlining in the Bronx. It demonstrates how data was an important organizing tool in the early days of the Community Reinvestment Act and remains important today as displacement and speculation threaten the Bronx and other low-income neighborhoods in NYC.

UNHP is still buzzed from our Reclaiming Our Community Thru Affordable Housing, Art and Services Day on June 19th. The trifecta of events included a luncheon and information session for building operators, a ceremonial ribbon cutting at the mural created by The Royal KingBee and a well-attended Community Resource Fair.

Noted NYC street artist The Royal Kingbee created colorful bee-themed murals to beautify two of UNHP’s affordable housing buildings.

The use of preferential rents—negotiated rents that are less than the legal rent— has become more prominent recently as an issue for tenants, in the news and in Bronx set-up sheets for multifamily building sales. In this piece, UNHP aims to discuss how preferential rents, once considered a benefit to tenants, could undermine the financial stability of multifamily buildings and its lenders as well as threaten the tenancy of Bronx residents - 70 percent of whom are already vulnerable to displacement.

The UNHP Building Indicator Project (BIP) is a database that leverages public data to gauge distress; it currently captures demographic data, housing and building code violations, and several city liens from municipal agencies for over 62,000 properties with five units or more in all five boroughs; amounting to a staggering 6.2 million data points. Still, more information is needed to ensure distressed buildings are identified and improved.

On June 22, 2016, the Manhattan Supreme Court invalidated the Water Board’s resolution approving a new rate schedule set to go into place July 1, 2016. Water and sewer rates will remain the same pending the outcome of the appeal. Unfortunately, the Multi-family Water Assistance Program, and its $250 per unit credit, will not be offered until the Court action is resolved.

Working with Sustainable South Bronx and its partners, UNHP was able to support local employment efforts, seal the roofs on 13 of our affordable housing buildings and reduce building energy consumption through the NYC °CoolRoofs Program.