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Government-backed Fannie Mae, which has become the lender of last resort for private rent-regulated buildings, has toughened its underwriting standards since the rent freeze passed in June with Mayor Zohran Mamdani’s backing. Freddie Mac, the other government-backed lender, has instituted a “pause” on new loans while it assesses the impact of the freeze.
Older, almost 100%-rent-regulated buildings under severe financial distress will struggle to refinance their mortgages and could face foreclosure. Properties composed entirely of affordable units built with city help whose finances are also deteriorating will need ever larger city subsidies to find financing.
Numerous landlords, advocates and nonprofit housing executives confirmed the changes in the loan standards. Many agreed to discuss the issue only if they were not identified, fearful of retaliation from the government-backed lenders or the Mamdani administration.
“I don’t think the new underwriting standard should be a surprise or controversial to anybody because underwriting anything other than operating in a rent-freeze environment wouldn’t really be factually accurate,” says Rafael Cestero, CEO of the Community Housing Preservation Corp. His organization will make half as many loans in the city to all-affordable projects as it did two years ago, since the freeze will exacerbate financial pressures on nonprofit affordable housing projects.
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