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Building Owners Bailing on Rent-Stabilized Apartments in NYC

Brooklyn nonprofit is auctioning off rent-stabilized portfolio.

New York City’s 2019 rent-control law, which capped annual rent increases on rent-stabilized apartments, may be here to stay—but the list of owners who are bailing out on these multifamily properties due to the untenable cost of maintaining them keeps growing.

This week, Maltz Auctions is auctioning more than 20 apartment buildings in the rent-stabilized portfolio of Food First, a Brooklyn-based nonprofit that provides community services including food pantries and vocational training.

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