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Thursday, April 23, 2026

Mamdani prioritizes $2.5B for NYCHA EV chargers, other greenery, tenants’ homes left crumbling

 They’re not pumped.

Long-suffering NYCHA residents called for the city to focus on bread-and-butter fixes for their crumbling, stinky homes — as Mayor Zohran Mamdani touted a $2.5 billion plan to provide heat pumps and other green tweaks to public housing.

The eco initiative that Mamdani highlighted in a splashy Earth Day announcement Wednesday would put energy-efficient water and lighting systems in 45,000 apartments, add new heating pumps into 20,000 homes, install 10,000 induction stoves and provide 150 public electric vehicle charging stations in NYCHA parking lots.

But many residents at the Woodside Houses, where Mamdani rhapsodized about protecting the planet, said they wanted the city to deal with other nagging — and gagging — issues.

“I have a smell in my apartment from the trash compactor — it smells so bad, I throw up every day,” said Jennifer Lambert, 50.

The NYCHA “Sustainability Agenda” released by Mamdani’s administration quietly slips in that the five-year plan is projected to cost nearly $2.5 billion, of which $1.2 billion has yet to be found.

The agenda, which aims to fulfill its green goals by 2031, is a continuation of green energy policies and benchmarks set under Mamdani’s predecessor, Mayor Eric Adams, for the city’s largest landlord.

Mamdani in February also promised to spend $38 million to bring heat pumps — an all-electric, efficient appliance that provides both heat and air conditioning — to the Beach 41st Street houses.

The pledge followed a pilot program that brought 150 heat pumps into the Woodside Houses last year.

Maria Lopez, 73, was one of the residents who received the fancy heating and cooling units — and she hasn’t looked back.

“I don’t suffer like I used to, when it got so cold in my apartment that I had to have to plug in a heater and sleep next to it,” she said. “Once they installed this unit, forget it — it was amazing to me.”

But many of Lopez’s neighbors — including Lambert, the resident who said she pukes daily from the garbage stench — complained that the heat pumps and Mamdani’s other green fixes won’t help the actual problems they deal with day-to-day.

“They don’t fix things here,” Lambert said. “I appreciate getting better heat and air conditioning, but it’s the small things.

Woodside Houses resident Jennifer Lambert welcomed the green upgrades, but said there were more pressing fixes.Paul Martinka for NY Post
One building in Woodside Houses already has heat pumps providing efficient heat and air conditioning to units.Paul Martinka for NY Post

“My heating works. My air conditioning work. That’s not the issue here. I care about the environment. I’m for energy-efficient lights and EV stations. Green is everything, but I’m sorry to say it’s beside the point right now.”

Likewise, Maritza Lopez, 44, said she’s happy for the upgrades — but she’d prefer the money be spent on better security and exterminators to kill roaches and rats.

“If you’re gonna give me a new unit that heats and cools, I’ll take it,” she said, “but then fix the broken pipes. Fix the boilers.”

“Once they installed this unit, forget it — it was amazing to me,” said Maria Lopez about the heat pump.Paul Martinka for NY Post

Lopez was among several residents who were baffled by the move to add electric vehicle charging stations to NYCHA parking lots, pointing out most residents couldn’t afford even afford gas-guzzling cars.

“Fancy appliances are nice, but the city’s priorities are off,” said Gloria Carter, 61.

“I’ve got mold. I’ve got tiles falling off the bathroom walls. My windows don’t open properly. My walls need painting. I can’t get anybody to fix these things,” she continued.

“That’s the root of the problem — not efficient lightbulbs, not chargers for electric cars.”

Installing the EV charging stations at NYCHA’s more than 100 housing developments is an apparent bid by the agency to generate revenue, including from taxis and for-hire vehicles.

“Our needs are fundamental, basic needs,” Carter said. “I’m OK with heat and air conditioning. What I’m not OK with is mold, cracks in the walls, hinges that don’t open. Those are the kinds of things I need the mayor to invest in.

“Don’t be spending all this money on stuff I don’t need. Spend it on stuff that we need to feel human.”

https://nypost.com/2026/04/23/us-news/mamdani-prioritizes-2-5b-for-nycha-green-upgrades-as-tenants-homes-crumble/

Wednesday, April 22, 2026

Homebuying Advances into New Era of Credit Score Competition: FHFA

 Today the U.S. government is ushering in a new era of competition in our nation’s mortgage market. 

In a joint announcement, HUD Secretary Scott Turner and FHFA Director William J. Pulte announced that the Federal Housing Administration and Fannie Mae and Freddie Mac are implementing their first new credit score models for mortgages in decades. This historic move is intended to lower costs for the American people after years of rising prices under the status quo credit score system. 

HUD Secretary Scott Turner announced today that the Federal Housing Administration will permit the use of VantageScore 4.0 and FICO 10T as eligible credit scoring models for FHA-insured mortgage underwriting. “By embracing additional predictive credit scoring models, we are taking a meaningful step toward expanding access to homeownership – particularly for creditworthy borrowers who may have been overlooked under older systems” said HUD Secretary Scott Turner. “This exciting announcement is in service to President Trump’s promise to restore the American Dream of Homeownership.” 

Fannie Mae and Freddie Mac are also moving forward with VantageScore 4.0 and FICO Score 10T, updating their selling guides with the new scores and immediately accepting Vantage-scored loans from approved lenders. This step advances the full implementation of the Credit Score Competition Act of 2018 as signed by President Trump, bringing greater choice and flexibility to borrowers.

“Thanks to President Trump’s leadership, we are driving down costs across the homebuying process,” said Director Pulte. “We are modernizing credit scoring with more predictive models, helping millions of Americans who responsibly pay rent qualify for mortgages. That’s fair, it’s commonsense, and it’s finally delivering the benefits of competition to homebuyers nationwide.”

https://www.fhfa.gov/news/news-release/homebuying-advances-into-new-era-of-credit-score-competition

Sunday, April 19, 2026

Mamdani Announces City-Backed Insurance Program


The city is set to launch a publicly backed insurance option for rent-stabilized and affordable housing, City Hall announced Thursday, according to The Real Deal. The insurance program will be capitalized with an unclear amount of city funds, but not directly managed by the city. The program will offer property and liability insurance premiums 20 to 30% lower than the existing market, city officials estimate. The initiative seems to be an attempt by Mamdani to make peace with landlords as his promised rent freeze for stabilized apartments is likely just weeks away. The rent freeze, a marquee part of the mayor’s platform, drew ire from landlords who said it would push their buildings to the brink. Late in the campaign, Mamdani said he would try to address the expense side of landlords’ balance sheets. The proposal received statements of support from the Real Estate Board of New York, the New York State Association for Affordable Housing, the New York Housing Conference and others. Leila Bozorg, deputy mayor for housing and planning, said the program would lower premiums for landlords by taking advantage of the city’s lower cost of capital, lower overhead and lower profit expectation. This would in turn save money for the city, according to Bozorg, citing a statistic that the city’s affordable housing arm spends $1,200 underwriting new transactions for every $100 increase in insurance costs a landlord faces. The city expects savings to eventually reach $500 million, Bozorg said. The administration aims to get the insurance option up and running by 2027. That will involve first hiring an actuary or risk consultant to help design the program, which City Hall has said it will start moving on this week. Over the summer, the city’s Economic Development Corporation will solicit proposals from providers to structure, manage and operate the program. The Mamdani administration hopes to cover 20,000 units with the program in 2027, moving up to 100,000 by 2030. There are about 1 million rent-stabilized units in the five boroughs.

https://therealdeal.com/new-york/2026/04/16/mamdani-announces-city-backed-insurance-option/

Thursday, April 16, 2026

Tax fight heats up as New York targets wealthy homeowners

 A growing push for higher taxes on wealthy homeowners in New York is intensifying the debate over how far states should go to raise revenue, as policymakers weigh the broader economic impact on investment, housing and taxpayer behavior.

FOX Business’ Connor Hansen joined FOX Business’ Stuart Varney on "Varney & Co." to report on the latest proposals, which center on a new tax targeting high-value second homes owned by nonresidents.

The proposal comes as voters nationwide continue to express frustration with their overall tax burden, even as Internal Revenue Service data shows average tax refunds are up compared to last year. At the same time, states like New York are advancing policies aimed at capturing more revenue from top earners and luxury property owners, a group that already contributes a significant share of total tax collections.

New York City Mayor Zohran Mamdani took to X to frame the effort as part of a broader push to increase contributions from the wealthy.

"When I ran for mayor, I said I was going to tax the rich. Well today, we're taxing it," Mamdani said.

New York Gov. Kathy Hochul has argued that the proposal is designed to address perceived imbalances between full-time residents and part-time property owners.

"The property value of homes like that is driven by everything New York City has to offer. That's why it's a valuable place. But the people who own these pied-à-terres are not contributing in the same way that the 8.3 million New York residents do," Hochul said in a statement on the official website of New York state.

The proposal underscores a widening divide in tax policy approaches as states navigate competing pressures to generate revenue while maintaining economic competitiveness.

https://www.foxbusiness.com/media/tax-fight-heats-up-new-york-targets-wealthy-homeowners

Monday, April 13, 2026

US Property Taxes Rose 3 Percent On Average In 2025, Outpacing Inflation

 by Rob Sabo via The Epoch Times (emphasis ours),

Property taxes are rising across the United States and, on average, have outpaced inflation.

Homeowners in 2025 paid a total of $396.8 billion in property taxes on more than 89.6 million single-family homes, a 3.7 percent increase from 2024, an April 9 report by real estate property data provider ATTOM states.

The average single-family home paid $4,427 in taxes, up by 3 percent from 2024, driven by a higher effective tax rate, according to the report.

The ATTOM report analyzed tax data collected from assessment offices, combined with estimated market values of single-family homes. The estimated home value of $494,231 for 2025 was down by 1.7 percent year-over-year, ATTOM noted, following a significant spike in 2024.

Nationally, the effective tax rate on single-family residences in 2025 was 0.9 percent, up slightly from the prior year and the highest since 2020, when it stood at 1.1 percent, ATTOM’s researchers wrote.

The tax growth rate is higher than the Bureau of Labor Statistics’ (BLS) inflation rate, which stayed below 3 percent for most of 2025. Inflation rose to 3.3 percent in March, up by nearly a full percentage point from the start of the year, driven by higher energy and fuel costs.

Property taxes—a primary source of revenue for local governments and municipalities—have spiked largely because of a run-up in housing prices over the past five years, the nonprofit Tax Foundation stated.

In the final quarter of 2019, the median sales price of homes sold in the United States was $327,100, the Federal Reserve Bank of St. Louis reported. By the end of 2025, that figure had jumped by 24 percent to $405,300.

Homeowners can pay significantly more in property taxes as their home values increase due to higher assessed values, the Tax Foundation noted.

However, ATTOM CEO Rob Barber said property taxes in 2025 demonstrate that tax bills reflect more than just home values.

“Even with a slight dip in prices, higher tax bills combined with declining home values led to an increase in effective tax rates, underscoring the role of local government costs and shifting tax policies. Regional disparities persist, with the Northeast and Midwest continuing to see the highest burdens,” Barber said.

More than 50 percent of metropolitan areas with populations of more than 1 million residents saw their property tax bills for single-family homes rise more than 3 percent in 2025, ATTOM stated.

In the Northwest, the combination of high property tax rates and escalating home values led to some of the highest average tax bills in the country. Average tax bills in New Jersey were $10,499, followed by Connecticut at $8,901 and New Hampshire at $8,174.

Conversely, average tax bills were lowest in West Virginia at $1,081. Residents of Alabama paid an average of $1,284 in property taxes, while residents of Arkansas paid $1,387, ATTOM researchers wrote.

At the county level, Westchester County, New York, had the highest average property tax in 2025 at $18,386, followed by Marin County, California, at $16,745 and Bergen County, New Jersey, at $14,443.

Average tax calculations were derived by dividing the total amount of property taxes paid by residents of a particular county by the number of single-family residences in that area, ATTOM noted.

https://www.zerohedge.com/personal-finance/us-property-taxes-rose-3-percent-average-2025-outpacing-inflation

Existing US Home Sales Plunged In March, Despite Falling Mortgage Rates

 Affordability-aiding lower mortgage rates battled a sentiment-sapping surge in geopolitical panic in March, with analysts expecting the latter to outweigh the former with a modest 0.7% MoM decline (after January's plunged - weather? - and February's modest rebound).

The analysts under-estimated the fear from war-mongering as existing home sales plunged 3.6% MoM (down bigly from an upwardly revised 2.7% MoM jump in Feb). That is the second biggest drop in existing home sales since Nov 2022...

Source: Bloomberg

That dragged Existing Home Sale SAAR back below 4 million homes (3.98m to be exact), near the lowest level since Lehman...

Source: Bloomberg

The NAR report showed the median selling price rose 1.4% from a year earlier in March, to $408,800.

Source: Bloomberg

Pushing Existing (Used) House prices back above New House Prices...

The inventory of previously owned homes edged up to a four-month high but remains historically depressed.

Source: Bloomberg

Contract signings declined across all  regions, according to the NAR.

Sales in the Northeast slid to the lowest on record in data going back to 1999, while those in the Midwest matched the weakest pace since 2011.

The NAR also slashed its 2026 existing-home sales forecast to 4%, from 14% previously.

“Mortgage rates have been rising, and that has led us to trim our home sales outlook for the year,” NAR Chief Economist Lawrence Yun said in a statement.

It appears home sales front-ran the rise in mortgage rates since the war began.

https://www.zerohedge.com/personal-finance/existing-us-home-sales-plunged-march-despite-falling-mortgage-rates

Monday, April 6, 2026

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

 The city’s Rent Guidelines Board won’t decide this year’s rent hikes for regulated apartments until June, but its staff is already cooking the stats to “justify” Mayor Zohran Mamdani’s promised rent freeze.

The board’s recently released 2026 Income and Expense study claims landlords’ Net Operating Income for buildings with rent-stabilized units rose 6.2%. Tenants’ advocates say that justifies a rent freeze.

Don’t buy it: That 6.2% figure tells you a lot less than you think about landlords’ ability to pay their bills.

For starters, adjusted for inflation, the number drops to just 2.2%.

And it’s merely a year-over-year comparison of building owners’ income after subtracting expenses like taxes, utilities, maintenance, insurance, etc.

So if an owner loses money one year, but sees his income rise a bit, enabling him to lose less the next year, that could show up as “increase” — even though he’s still losing money.

What’s more, it’s an aggregate figure for all buildings with at least one rent-stabilized unit, even though some have market-rate units whose rent hikes pump up the average, distorting the picture.

For buildings with more than 50% of their units rent-stabilized, the “increase” in Net Operating Income was just 4%; for those with 100% stabilized units, it was just 2.4%.

Nor does the figure distinguish between new buildings and old ones that need major repairs.

That’s key, since the NOI doesn’t account for the cost of capital improvements or debt service.

The citywide NOI also conflates buildings in “core Manhattan,” where inflation-adjusted growth was 10%, with the entire rest of the city, where it was just 0.9%.

In The Bronx, net income actually fell — by 0.1%.

Here’s the real story: Numerous residential buildings in the city have been losing money, thanks largely to rent freezes or too-small increases, averaging less than 1%, under Mayor Bill de Blasio and insufficient hikes to make up for it under Mayor Eric Adams.

In particular, rent-stabilized buildings built before 1974 are in shabby shape and need major, costly repairs and upgrades.

On top of that, the city’s climate law, Local Law 97, requires pricey changes to meet emissions standards.

Meanwhile, genius progressives in Albany made it impossible for landlords to pass on the costs of those upgrades to tenants.

Tens of thousands of “zombie” apartments are now being warehoused because landlords can’t afford to bring them up to code and recoup their outlays via rent.

No matter: The Rent Guidelines Board — six of whose nine members were appointed by Mamdani — doesn’t actually care about the facts.

Expect it to do socialist Mamdani’s bidding and ram through a rent freeze.

Also when it does, expect more apartments to degrade, buildings to go belly-up and tenants to suffer.

https://nypost.com/2026/04/06/opinion/how-mamdanis-rent-guidelines-board-is-cooking-the-numbers-to-set-up-his-rent-freeze/