Two New York landlords with large portfolios of rent-regulated apartments are behind on payments on more than $200 million in real-estate loans, a sign that new state rent laws are starting to hurt investors.
Industry experts expect other landlords to fall into financial trouble as the rent laws push down income and property values. “These are not isolated incidents,” said Ofer Cohen, president of TerraCRG commercial real-estate brokerage. “We expect to have more of those in the next 18 to 24 months.”
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