New York City landlords are voicing concerns that recent calls for rent freezes and limits on landlord investment returns are endangering the viability of family-run property businesses. According to landlord Jose Tur, years of increasing costs and restrictive housing policies are pushing small property owners to the brink, with Tur stating, "It shows how flawed the system is in its entirety and how inefficient everything is here" [1]. Tur recounted his family's history in New York real estate, highlighting the hardships faced by small landlords, including personal tragedies linked to tenant disputes [1].
Natalia Bonanno, another New York landlord, described mounting operating costs that have made it increasingly difficult to keep rent-stabilized buildings financially viable. She emphasized that claims of landlords routinely earning double-digit returns are inaccurate, citing rising expenses such as mortgages, insurance, taxes, and maintenance of aging buildings. Bonanno specifically questioned the source of the 12% return figure referenced by New York City Democratic Socialists of America Co-Chair Gustavo Gordillo, stating, "I don't know where they're getting 12% from" and noting that net operating income figures do not account for all costs [1].
Gordillo, in comments made on "The Story," argued that landlords should not expect double-digit investment returns and dismissed concerns that rent freezes would drive property owners out of business. Tur and Bonanno both disputed Gordillo's remarks, asserting that his statements did not pertain to rent-stabilized properties, which they own [1].
Despite the challenges, Tur expressed a desire to continue his family's legacy in the real estate business, describing it as a responsibility to both his family and long-term tenants [1].
CONCLUSION
Landlords in New York City are warning that current rent policies and rising costs are threatening the sustainability of family-owned property businesses. Disputes over the accuracy of reported landlord returns and the impact of proposed rent freezes highlight ongoing tensions between property owners and housing policy advocates.