FOR IMMEDIATE RELEASE: April 16, 2026
CONTACT: Jarice Thompson,jarice@ourfinancialsecurity.org
Statement of Caroline Nagy AFR Associate Director, Housing, on New York City’s proposed property and liability insurance program for affordable housing and rent-stabilized buildings:
Today, the Mamdani administration announced that it will create a new program to provide cheaper property and liability insurance to landlords of subsidized affordable housing and rent-stabilized buildings in New York City. As climate change increases property damage, the property insurance industry has responded by passing the increased costs on to policyholders. Landlords of affordable and rent-stabilized housing legally cannot pass the increased costs on to their tenants, who cannot afford more rent hikes. We expect further states and local governments to follow Mayor Mamdani’s lead.
“We applaud the Mamdani administration for taking a courageous step to maintain the affordability and safety of New York City’s affordable housing and rent-stabilized apartments for tenants. We need new solutions because the market has failed to provide a workable insurance product for this housing stock,” said Caroline Nagy, associate director of housing at Americans for Financial Reform Education Fund. “A mission-driven, city-run property insurance program will provide better rates and more reliable coverage for landlords than private insurance companies who seek higher premiums and avoid payouts to maximize profits.”
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