US News Metro Long Island Politics

Sports NFL MLB Olympics NBA NHL College Football College Basketball WNBA

Business Personal Finance

Entertainment TV Movies Music Celebrities Awards Theater

Lifestyle Weird But True Sex & Relationships Viral Trends Human Interest Parenting Fashion & Beauty Food & Drink Travel

Health Wellness Fitness Health Care Medicine Men’s Health Women’s Health Mental Health Nutrition

Science Space Environment Wildlife Archaeology

Today’s Paper Covers Columnists Horoscopes Crosswords & Games Sports Odds Podcasts Careers

Email Newsletters Official Store Home Delivery Tips

Switch between CA and NY editions here.

How New York’s war on developers strangles our housing market

A stone’s throw from the Brooklyn Bridge, at 70 Middagh St. in the historic Fulton Ferry neighborhood, stands a charming 10-unit apartment building, built in 1897.

But more than a century of residential use took its toll on the rent-stabilized building, and by 2019 few of its essential systems had been replaced.

That’s when David Gomez found a way to square the math.

State law exempted “substantially rehabilitated” buildings from rent-stabilization rules, allowing their owners to charge market rents.

Gomez’s real-estate-development firm, Peak Capital Advisors, could thus restore the building and recoup its multimillion-dollar gut-renovation investment.

But now, Peak has become the latest victim in New York state’s war on developers.

Mamdani’s viral campaign promises sputter out in first 100 days: ‘Big difference between campaigning and governing’

How Mamdani’s Rent Guidelines Board is cooking the numbers to set up his rent freeze

Nearly 10% of rent-stabilized NYC buildings are run down — as new Mamdani board set to pass freeze

Albany is retroactively challenging $150 million of investments the company poured into restoring 70 Middaugh St. and 30 other buildings across the city — investments made under rules that the state itself created to incentivize housing rehabilitation.

For decades, the Division of Housing and Community Renewal, the state agency tasked with administering rent stabilization,........

© New York Post