Advertisement
Baked In BushwickBaked In Bushwick

Insurance premiums on rent-stabilized buildings nearly doubled in five years. Mamdani wants $100 million to cut them by 20 percent

NYC's Mamdani administration is launching a $100M insurance program for rent-stabilized buildings, aiming to cut premiums by at least 20 percent by 2027.

Advertisement
Baked In BushwickBaked In Bushwick

The Mamdani administration opened a formal search last week for an insurance company to operate a new city-backed program for rent-stabilized buildings, issuing a request for information on June 24, according to reporting by The City, republished by Brownstoner.

The Economic Development Corporation published the request alongside the Department of Housing Preservation and Development and the Housing Development Corporation. The EDC will invest $100 million over three years to launch the program, which is designed to cut insurance premiums by at least 20 percent. It is slated to begin in 2027, starting with about 20,000 apartments and eventually expanding to 100,000 apartments by 2030.

This story continues: 410 more words

Read this story free with your email.

Your first story each month is free with a Bushwick Daily account. We’ll email you a code to sign in.

Produced by Bushwick Daily News Desk

Neighborhood news, politics, real estate, and business coverage produced by the Bushwick Daily newsroom.

View all posts
Advertise with Bushwick Daily

Reach all of New York.

Written in Bushwick, read across all five boroughs since 2009.

100,000+ readers a month 500,000+ on Instagram All five boroughs
Advertise with us →
Support Bushwick Daily — become a member