In this report, Community Housing Improvement Program (CHIP), a trade association representing the owners of rent-stabilized buildings, outlines the current financial situation facing rent-stabilized property owners.

"Housing has costs. The Rent Guidelines Board's own reports show that rents are not keeping up with those costs and in many rent-stabilized buildings in the outer boroughs, those costs already exceed revenue, leaving them functionally bankrupt," said Jay Martin, executive director of CHIP. "To be blunt, the RGB has defunded the majority of rent-stabilized buildings in New York City."