New York City Property Owners Grapple With Rising Costs Under Rent-Control Policies

Small property owners in New York City are increasingly concerned that socialist-backed rent-freezing proposals and mounting operational expenses are imperiling long-standing family real estate enterprises. Jose Tur, a New York landlord whose family has operated rental properties for decades following his grandfather’s immigration from Cuba, expressed frustration with what he views as a fundamentally broken housing system. Tur’s grandfather purchased his first apartment building in 1979 and expanded the family portfolio over many years before suffering a stroke and dying at age 99, reportedly two weeks after being mugged at gunpoint by a tenant with years of unpaid rent.

Natalia Bonanno, another local property owner, echoed concerns about the financial viability of maintaining rent-stabilized buildings as her family faces escalating mortgage payments, insurance premiums, and property taxes. Her father arrived in the United States as an immigrant, earned a college degree, worked as an engineer, and later invested in Brooklyn properties beginning in the 1970s before passing the business to Bonanno and her sister. She disputed claims that landlords routinely achieve double-digit returns on investments, arguing that such figures fail to account for the substantial costs required to maintain aging buildings constructed in the early 20th century.

Bonanno and Tur directly contested recent statements by Gustavo Gordillo, co-chair of the New York City Democratic Socialists of America, who argued that landlords should not expect double-digit returns and that rent freezes would not force property owners from the market. Both landlords emphasized that Gordillo’s remarks did not specifically address rent-stabilized properties, which comprise their portfolios and operate under different financial constraints.

While Tur expressed his commitment to continuing his grandfather’s legacy as a hands-on property owner serving long-term tenants, Bonanno signaled a more uncertain future for her family’s presence in New York. She announced plans to sell most rent-stabilized buildings and explore opportunities in non-rent-stabilized properties within the state or relocate operations to other states entirely, citing the absence of viable profit margins under current policy frameworks.