Save our buildings — or The Bronx (and the rest of NY) will ‘burn’ again

New York Post - Apr 6th, 2025
Open on New York Post

The financial crisis looming over rent-regulated buildings in The Bronx is reminiscent of the 1977 downturn that led to the infamous phrase 'The Bronx is Burning.' A recent report by the Rent Guidelines Board highlights that many pre-1974 buildings are operating at a loss, with costs exceeding revenue. This has led to increased bankruptcy filings and properties selling at steep discounts, with some owners unable to even give buildings away to banks. The situation is exacerbated by costly government mandates and rising operational expenses, leaving many buildings unable to secure financing for necessary maintenance and improvements.

The implications of this crisis are significant for both property owners and tenants. Without intervention, the quality of housing in The Bronx will continue to deteriorate, affecting hundreds of thousands of residents. To avert a repeat of the past, experts suggest several measures: increasing rent adjustments above inflation, offering tax breaks to distressed buildings, and revising current regulations to ensure the survival of stabilized buildings. Without these changes, the financial instability could lead to widespread violations, deteriorating living conditions, and a further decline in the borough's housing market.

Story submitted by Fairstory

RATING

6.4
Moderately Fair
Read with skepticism

The article provides a timely and engaging exploration of the financial challenges facing rent-regulated buildings in New York City, drawing parallels to historical economic crises. It effectively highlights the urgency of addressing these issues and proposes specific solutions, though it would benefit from more detailed evidence and diverse perspectives to support its claims.

While the narrative is clear and accessible, the lack of explicit source attribution and a balanced representation of stakeholder viewpoints limits its overall impact and credibility. The article primarily focuses on the perspective of building owners, which introduces potential bias and omits important perspectives from tenants and other stakeholders.

Overall, the story raises important questions about housing policy and urban development, capturing public interest and sparking discussion. To enhance its quality, the article could incorporate more comprehensive data, diverse voices, and transparent sourcing to provide a more nuanced understanding of the challenges and opportunities in New York City's housing market.

RATING DETAILS

7
Accuracy

The story presents several factual claims, particularly concerning the historical context of New York City's economic decline in the 1970s and current financial distress of rent-regulated buildings. The historical reference to Howard Cosell's quote during the 1977 World Series is accurate and well-documented, encapsulating the period's challenges. The article also accurately describes the economic pressures from capped rents and rising operating costs, consistent with historical records.

However, the story's accuracy could be improved by providing more detailed verification of the current financial data presented. The claim that more than 12% of pre-1974 buildings in The Bronx are operating at a loss, and the specific example of a building selling at a 97% discount, require corroboration from independent sources or detailed reports. While the narrative aligns with broader trends reported in other media, the lack of direct citations or data sources diminishes its precision.

Overall, the article effectively outlines the issues but would benefit from more explicit source attribution for the current data and examples provided. The potential inaccuracies lie in the absence of direct evidence or references for some of the more dramatic claims, such as the exact percentage of buildings in distress or the specific financial transactions mentioned.

6
Balance

The article provides a perspective primarily from the viewpoint of building owners and landlords, focusing on their financial struggles and the regulatory burdens they face. This perspective is valid, given the context, but the narrative lacks a balanced representation of other stakeholders, such as tenants, city officials, or advocacy groups for affordable housing.

There is a notable omission of tenant perspectives, who are directly impacted by rent increases and potential housing quality declines. Including viewpoints from tenants or housing advocates could provide a more comprehensive understanding of the issue and highlight the broader societal impacts.

The article's presentation leans towards advocating for policy changes favorable to landlords, which may introduce bias. A more balanced approach would involve discussing potential solutions from various stakeholders and considering the implications for all parties involved.

8
Clarity

The article is generally clear and well-structured, with a logical flow that guides the reader through the historical context and current challenges facing rent-regulated buildings. The language is straightforward, making complex economic issues accessible to a general audience.

The narrative effectively uses historical references, such as the "Bronx is Burning" quote, to frame the discussion and draw parallels between past and present challenges. This helps to contextualize the issue and engage readers with a compelling story.

However, the article could improve clarity by providing more specific data and examples to support its claims. While the overall structure is coherent, the inclusion of detailed evidence would strengthen the narrative and enhance reader comprehension.

5
Source quality

The story lacks explicit references to primary sources or data sets, which affects the perceived credibility of its claims. While the narrative cites the Rent Guidelines Board (RGB) as a source for data on building distress, it does not provide direct links or detailed citations from the RGB report.

The article relies heavily on the perspective of Kenny Burgos, the CEO of the New York Apartment Association, which introduces a potential conflict of interest. As a representative of landlords, Burgos' viewpoint may be biased towards highlighting the financial struggles of building owners without equally considering other perspectives.

To improve source quality, the article could include a broader range of sources, such as independent financial analysts, tenant advocacy groups, or academic experts on housing policy. This would enhance the reliability and depth of the reporting.

6
Transparency

The article provides some context for the financial and regulatory challenges facing rent-regulated buildings, but it lacks transparency regarding the methodology for data collection and analysis. The absence of specific data sources or detailed explanations of how conclusions were reached limits the transparency of the reporting.

The story does not disclose any potential conflicts of interest, such as the author's affiliation with the New York Apartment Association, which could influence the narrative. Acknowledging such affiliations would enhance transparency and allow readers to better understand the perspective being presented.

To improve transparency, the article could include more explicit explanations of the data used, the criteria for selecting examples, and any potential biases in the analysis. This would provide readers with a clearer understanding of the basis for the claims made.

Sources

  1. https://interferencearchive.org/exhibition/we-wont-move/
  2. https://acecomments.mu.nu/?post=390325%3Futm_source%3Dpolitipage
  3. http://hypocritereader.com/81/rent-regulation-nyc
  4. http://acecomments.mu.nu/?post=360895http%3A%2F%2Facecomments.mu.nu%2F%3Fpost%3D360895
  5. http://www.tenant.net/Oversight/50yrRentReg/history.html