Furman Center Flags Bronx Rent Shortfall

A New Voice in the Rent Debate

According to The Real Deal, NYU’s Furman Center presented new data at the Rent Guidelines Board meeting in 2025.

First, the center confirmed that many Bronx buildings face funding gaps. Second, the data shows that these rent shortfalls have grown since the Housing Stability and Tenant Protection Act of 2019.

Rising Shortfalls After HSTPA

The act limited rent increases to the annual RGB adjustments. Moreover, these adjustments do not cover rising expenses. Mark Willis, a senior policy director, stated that building owners now lose money. In fact, many Bronx units lost an average of $1,444 in 2024 alone. Consequently, these gaps may continue to expand.

A Call for New Solutions

The Furman Center urged a fresh approach to cover the rent shortfall. It argued that relying only on the RGB process will not help. In addition, the center suggested that funds must come from other sources. Therefore, the city may need to increase its budget for subsidized housing. Otherwise, owners could struggle to maintain their properties.

Shifting Positions and Future Risks

The New York Apartment Association (NYAA) noted that this was the first major warning from the Furman Center on rent-stabilized housing. Previously, the center found little evidence of devaluation in 2021. Now, however, the evidence points to a worsening crisis. As a result, many fear that funds meant for new affordable units will be used only to rescue older ones. Consequently, future developments might halt altogether.

In Summary

In conclusion, the Furman Center’s findings carry serious implications. First, the financial gap in Bronx buildings is growing. Next, current RGB adjustments no longer suffice. Finally, the city must act soon if it wants to prevent further decline in New York’s rent-stabilized housing.