Rent-stabilized tenants demand faster fixes after city's $60M intervention
Tenants in rent-stabilised apartments once financed by Signature Bank are growing frustrated with slow improvements. The New York City Employees’ Retirement System stepped in last year, investing in mortgage loans to stabilise over 30,000 flats. Yet many residents say conditions have barely changed since the takeover. In 2024, Community Stabilization Partners took control of more than 1,000 buildings with over 30,000 apartments. The city pension fund contributed $60 million for a 25% stake in the portfolio. The goal was to halt evictions and push for repairs, but progress has been uneven.
Housing code violations remain high, with thousands still unresolved across the properties. While monthly violations dropped from around 3,200 in January 2024 to about 2,800 last month, tenants argue the pace is too slow. Over 180 lawsuits have also been filed against building owners for persistent issues.
Eviction filings have fallen from roughly 3,600 in 2023 to 2,700 last year. Still, some renters feel little relief. Adam Blazej, a Harlem tenant, criticised the intervention, saying living conditions haven’t improved as promised.
Community Stabilization Partners has started foreclosure on 42 buildings and may transfer 20 to 25 others to preservation buyers. The group also plans debt forgiveness and loan modifications for owners who fix violations and keep up with payments. Brad Lander, a city official now running for Congress, called the effort necessary but admitted results have taken longer than hoped. The intervention has led to fewer evictions and a slight drop in violations, but many tenants still face poor conditions. With foreclosures underway and potential transfers to new owners, the coming months will show whether the strategy delivers lasting improvements. For now, frustration among residents continues to grow.
