NYC Rent Freeze Affects Affordable Housing Financing

• Mamdani's rent freeze is reducing financing for rent-regulated properties in NYC.
• Government-backed lenders, including Fannie Mae, have tightened mortgage rules for NYC rent-regulated buildings.
• The tightened rules are making it difficult for landlords to secure financing.
• The result includes less maintenance, more foreclosures, and higher market-rate rents.
• Nonprofit providers are also affected, leading to a shortage in affordable housing.