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Housing NYC: Rents, Markets and Trends 2019 Provide the Foundation for the Board’S Deliberations and Our Decisions This Year

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Housing NYC: Rents, Markets and Trends 2019 Provide the Foundation for the Board’S Deliberations and Our Decisions This Year Housing NYC Rents, Markets City Rent Guidelines Board York New Board Members & Trends Chair: David Reiss Public Members: Cecilia Joza • Alex Schwartz 2019 German Tejeda • May Yu Owner Members: Patti Stone • Scott Walsh Tenant Members: Sheila Garcia • Leah Goodridge Staff Members Executive Director: Andrew McLaughlin Research Director: Brian Hoberman Deputy Research Director: Danielle Burger Office Manager: Charmaine Superville Table of Contents Table of Contents Chair’s Acknowledgments ...............................7 Net Operating Income................................33 Exec Director’s Acknowledgments ............9 Operating Cost Ratios .................................33 Net Operating Income After Inflation.........................................................35 INCOME AND EXPENSE Longitudinal Study Rents and Income.........................................37 Price Index of Operating Costs Operating Costs.............................................38 What’s New.............................................................13 RPIE Expenses and the PIOC.....................38 Introduction...........................................................14 Operating Cost Ratios .................................39 Overview .................................................................14 Net Operating Income................................39 Price Index Components ...................................15 Summary.................................................................40 Taxes ..................................................................15 Methodology.........................................................40 Labor Costs .....................................................16 Fuel ....................................................................16 Mortgage Survey Report Utilities..............................................................17 What’s New.............................................................45 Maintenance...................................................17 Introduction...........................................................46 Administrative Costs....................................17 Overview .................................................................46 Insurance Costs .............................................18 Survey Respondents ...........................................46 PIOC by Building Type ........................................18 Mortgage Survey Analysis Rent Stabilized Hotels.........................................18 Financing Availability and Terms ............47 Rent Stabilized Lofts............................................19 Underwriting Criteria ..................................48 The Core PIOC........................................................19 Non-Performing Loans & PIOC Projections for 2020 .................................19 Foreclosures.................................................49 Commensurate Rent Adjustments ................20 Characteristics of Rent Methodology.........................................................22 Stabilized Buildings ..................................50 Owner Survey ................................................22 Loan Expectations........................................51 Taxes ..................................................................22 Longitudinal Analysis Labor Costs .....................................................23 Financing Availability and Terms ............51 Fuel ....................................................................23 Underwriting Criteria and Utilities..............................................................23 Loan Performance ........................................52 Maintenance...................................................24 Sales Data Analysis Administrative Costs....................................24 Building Sales Volume.................................52 Insurance Costs .............................................24 Building Sales Prices....................................53 Price Index Projections ...............................24 Summary.................................................................54 Acknowledgments...............................................25 INCOME AND AFFORDABILITY Income and Expense Study What’s New.............................................................27 Income and Affordability Study Introduction...........................................................28 What’s New................................................................57 Local Law 63 ...................................................28 Introduction..............................................................58 RPIE Study Overview....................................................................58 Rents and Income.........................................28 Economic Conditions Comparing Rent Measurements.............29 Economic Output & Consumer Prices......58 Operating Costs.............................................31 Unemployment Statistics ............................59 “Distressed” Buildings .................................32 Employment Statistics ..................................60 Housing NYC: Rents, Markets & Trends 2019 • Page 3 Table of Contents Wage Data..........................................................61 Additions to the Rent Regulated Housing Stock Bankruptcy Statistics......................................62 Section 421-a and J-51 Programs..............94 Poverty Statistics ............................................62 Mitchell-Lama Buyouts ................................95 2017 Housing & Vacancy Survey Loft Units............................................................95 Affordability of Rental Housing..................63 Changes in Regulatory Status ....................95 Income ................................................................63 Other Additions to the Stabilized Rent......................................................................64 Housing Stock ..............................................95 Vacancy Rates ..................................................64 Subtractions from the Rent Regulated Other Measures of Income & Affordability Housing Stock American Community Survey ....................65 High-Rent High-Income Deregulation ....96 Consumer Price Index....................................67 High-Rent Vacancy Deregulation..............97 Section 8 Housing Availability....................68 Co-op and Condo Conversions ..................98 Non-Government Sources Expiration of Section 421-a and of Affordability Data....................................68 J-51 Benefits ..................................................98 Real Property Tax Credit................................69 Substantial Rehabilitation............................98 Cash Assistance & Benefit Programs ................70 Conversion to Commercial Housing Policy..........................................................70 or Professional Status ................................99 Homelessness & Housing Court Other Losses to the Housing Stock ..........99 Homelessness ..................................................71 Summary ..........................................................................99 Housing Court..................................................73 Summary Table of Additions Summary....................................................................73 and Subtractions................................................101 HOUSING SUPPLY Appendices ..............................................................105 Glossary ......................................................................148 Housing Supply Report Index ..............................................................................159 What’s New................................................................79 Introduction..............................................................80 Overview....................................................................80 NYC’s Housing Inventory......................................80 Changes in the Housing Inventory Housing Permits ..............................................82 Housing Completions....................................83 City-Sponsored Construction ....................83 Tax Incentive Programs ................................84 Conversions and Subdivisions....................86 SRO Housing and Airbnb Rentals..............87 Co-op and Condo Activity............................88 Rehabilitation ..................................................88 Tax-Delinquent Property and Anti-Abandonment Strategies........................90 Demolitions ..............................................................90 Summary....................................................................91 Changes to the Rent Stabilized Housing Stock in New York City What’s New................................................................93 Overview....................................................................94 Page 4 • Table of Contents List of Appendices List of Appendices Appendix A: Guidelines Adopted C.5 Average Net Operating Income in 2017 per by the Board Apartment per Month by Building Size and Location.....................................................116 A.1 Apartments & Lofts—Order #51 ...............105 C.6 Distribution of Operating Costs in 2017, by Building Size and Age.............................116 A.2 Hotel Units—Order #49................................105 C.7 Number of “Distressed” Buildings in 2017 ................................................................117 Appendix B: Price Index of C.8
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