Rent Freeze Proposal Chills Cash-Starved Owners of Bronx Buildings
Democratic mayoral nominee Zohran Mamdani’s pledge is raising alarms as bankers refuse to finance regulated buildings where costs outstrip income. This article originally apeared in The City. By Greg David The City August 9, 2025 NEW YORK - Every month, Langsam Property Services collects dozens of rent checks from two buildings it manages in The Bronx. But that’s not enough to cover the mortgage and operating expenses. So every month, the buildings’ owner sends another check — for at least $30,000, just to meet the mortgage. The owner of this Bronx building had to pay the bank $830,000 to buy out his mortgage after no other bank would refinance. A promise to freeze rents on all rent-regulated apartments for the next four years helped Zohran Mamdani win the Democratic primary for mayor. But not all rent-regulated buildings are alike. Following years of limited deregulation, many buildings in high-rent neighborho...