NEW YORK (VINnews) — Owners of New York City apartment buildings warned at Thursday’s meeting of the New York City Rent Guidelines Board that rising costs, rent collection problems and financial pressure are forcing some landlords to sell properties at steep discounts, as debate intensifies over a proposed rent freeze for nearly 1 million rent-stabilized apartments.

Landlord representatives told the board thousands of buildings are under distress, citing higher insurance costs, maintenance expenses and chronic nonpayment by some tenants.

Industry groups said the pressures have been especially acute in parts of the Bronx, where some owners have reported mounting losses and deteriorating conditions.

The concerns surfaced as Mayor Zohran Mamdani continues to back a rent freeze, a proposal tenant advocates support but landlord groups argue could deepen instability for struggling properties.

Some owners pointed to discounted multifamily sales as evidence of broader stress in the market, warning additional restrictions could accelerate distress sales and disinvestment.

Tenant advocates, however, say rent protections remain vital as affordability pressures continue to burden city residents.

The Rent Guidelines Board is expected to take preliminary votes on rent adjustments in the coming weeks.