NOI on regulated rentals surges in Bushwick, dives in UWS

The net operating income for regulated properties in Bushwick and to a lesser extent Bedford-Stuyvesant jumped sharply in 2018, while they fell in the Upper West Side, according to a report from the city’s Rent Guidelines Board released this week.

The net operating income for rentals in Bushwick rose by 24 percent, while those in Bedford-Stuyvesant rose by 15 percent.

The neighborhoods which saw the steepest decline in net operating income were the Upper West Side with a 10 percent decline and East New York/Starrett City which saw a decline of just over 9 percent.

The figures are from the board’s annual income and expense study which is part of the decision-making process about whether and how much to increase rent-regulated rents for one- and two-year leases.

The decision is more fraught this year as the coronavirus pandemic damages the economy, and some housing activists demand a rent freeze which could exacerbate a cash crunch for some landlords struggling to make mortgage payments.

The study used income and expense figures from the calendar year 2018.

-Adam Pincus