On this episode of Closed!, Lee sits down with Jonathan Miller, co-founder of Miller Samuel, a New York-based real estate appraisal and consulting firm, for a timely conversation on New York City’s rental market and the recent decision to freeze rents for rent-stabilized apartments.
Jonathan breaks down what the rent freeze does and does not mean, including why it applies to rent-stabilized units rather than the entire rental market. He explains how the decision could affect renters, landlords, lenders, open-market rents, and the long-term condition of New York City’s affordable housing stock.
The conversation also explores the broader pressures facing the city’s housing market, from rising operating costs and limited financial incentives to maintain older buildings, to constrained lending, historically high market rents, and the ongoing distortion created by low inventory and elevated mortgage rates. Jonathan discusses why maintaining existing affordable housing may be just as important as building new units, and why the city’s rental market remains one of the most complicated pieces of New York’s real estate economy.
To learn more about Jonathan Miller and his work, visit housingnotes.com and follow his market commentary through The Real Deal.
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