Statement by Real Estate Board of New York President John H. Banks on Proposed Elimination of the Major Capital Improvements (MCI) Program

“This legislation in no way addresses the affordable housing crisis or offers a path forward for creating new housing units for New York City residents, who desperately need better access to sustainable, affordable housing. Nor does it recognize that over the past decade, the incremental costs of operating and maintaining a building have increased by more than twice the rate of rent increases allowed by the Rent Guidelines Board. Building owners need to make capital investments in the city’s rental housing. Every year, owners spend over $10 billion improving New York’s housing stock while creating 104,000 well-paying local jobs for employees who make repairs.” – John H. Banks, President, Real Estate Board of New York