New report shows rent-stabilized owners are not flippers or speculators

Community Housing Improvement Program and the Rent Stabilization Association have completed a study about owners of New York City buildings occupied by rent-stabilized tenants. The study, which the non-profit organization and trade group call the first of its kind in 25 years, says that rent-stabilized property owners are not always potential flippers or wealthy speculators. The study shows that 71 percent of owners have had their properties for 20 years or more and 48 percent are new immigrants or children of immigrants. “The study creates a distinct image of who these owners are and what their livelihood is about and dispels many of the myths that have been created in the media and in the minds of tenants,” said Patrick Siconolfi, executive director at Community Housing Improvement Program. TRD