Maniza M. Ahmed

studying women's occupational health history in the US @uchicago | proud cat mom 🐅 | @mtholyoke alum | she/her

[Maniza M. Ahmed @ah_maniza]

Well my landlord Equity Residential just merged with Avalon Bay to become the largest corporate landlord in the US and is deregulating everyone's apartment so idk...

[Bill Ackman @BillAckman]

Imagine your family worked for a generation to save enough money to buy a brownstone occupied with rent stabilized tenants on the Upper West Side. The family financed the purchase with a mortgage from a bank based on the premise that rents and cash flow would at least keep pace with inflation so you could pay interest and principal on the mortgage and hopefully have some cash flow left as a return on your investment.

While you had rent stabilized tenants, you were led to believe that the NYC Rent Guidelines Board would be required to adjudicate rental increases each year by taking a measure of the inflation of costs to own and operate a building and setting rental increases appropriately.

You believed the RGB would do its job as the board is comprised of two representatives each for landlords and tenants and five independent representatives that represent the general public.

Now, a new mayor @NYCMayor Mamdani is elected on the promise of freezing rents. There are about two million rent stabilized renters that benefit if rents are frozen so by promising frozen rents the new candidate for mayor buys votes and wins the election.

The new mayor achieves his objective by stacking the RGB with directors who do not follow their obligations and simply vote for a rent freeze as a preordained conclusion as evidenced by the statements of an RGB director who resigned in protest for this very reason.

Meanwhile, inflation in NYC is rampant in utilities, real estate taxes, insurance, repairs and maintenance, etc. and now your rents are frozen. Real estate is a high operating leverage business which means that frozen rents and inflating expenses will cause property cash flows to plummet and your after debt service cash flow to go negative.

I expect therefore there will be hundreds if not thousands of small NYC property owners who are now or will shortly be underwater on their mortgages, and without any cash flow to maintain their assets.

If you remember the images of the South Bronx burning in the mid 1970s, you can viscerally understand what is happening to small NYC real estate owners.

While the rent freeze appears to be short-term good news (long term it will lead to poorly maintained apartments) for 2 million NYC renters, it is bad news for the 2 million or more renters in the 1 million market rate apartments in the City because a landlord-hostile market is not likely to add meaningfully more supply and market rents will likely continue to escalate at a high rate.

All of this seems quite unfair and wrong unless I missing something?

Why am I wrong?

For disclosure: I do not own any NYC rental apartments.

[Maniza M. Ahmed @ah_maniza]

@LegsFrank I agree with this despite "floridada" being my most played by them

[Maniza M. Ahmed @ah_maniza]

My dad is the fire inspector to Zohran's left!! 🥰

[Zohran Kwame Mamdani @ZohranKMamdani]

It was a beautiful morning at the Bangladesh Day Parade in Jackson Heights 🇧🇩

[Ken Klippenstein @kenklippenstein]

It’s cool that we just had a presidential election where healthcare basically never came up

[Maniza M. Ahmed @ah_maniza]

Soo...like Ramadan?

[The New York Times @nytimes]

From October to January, the new Winter Arc trend has helped some of its participants get a head start on their New Year’s resolutions and develop lasting, foundational practices by making the most of the cold, dreary months at the end of the year. https://t.co/LrH880lnvn

[Maniza M. Ahmed @ah_maniza]

Just signed up for a free subscription (for a limited time) to @inthesetimesmag !! What a fun perk of being a union member! ⚡

https://t.co/GwR8VDASTP

[Zohran Kwame Mamdani @ZohranKMamdani]

Why did so many working class New Yorkers vote for Donald Trump last week — and even more not vote at all?

I went to Hillside Ave in Queens and Fordham Rd in the Bronx to find out.

[Maniza M. Ahmed @ah_maniza]

I am actually most excited about the Julian Casablancas remix 🤖👽👾🌚

[Domestic Workers @domesticworkers]

NDWA proudly recognizes Governor @GavinNewsom’s signing of SB 1350, a bill that marks a crucial advancement in the ongoing fight for justice, dignity, and workplace protections for domestic workers across California.

[Maniza M. Ahmed @ah_maniza]

Honestly wanna gouge my eyes out-- what is the point of this? To get in on the ecological and environmental crisis action?

[vivafalastin 🇵🇸 @vivafalastin]

this is because all cats are muslim alhamdulillah

[Doc Films @docfilmschicago]

At Doc Films this fall

[Maniza M. Ahmed @ah_maniza]

omfg... I hate the cut and I hate animal cruelty

[مريم @bluepashminas]

Student protestors in Bangladesh fought relentlessly and Sheikh Hasina just resigned and fled the country. In so much awe of their power and resilience. Long live the global student intifada.

[Maniza M. Ahmed @ah_maniza]

Love when I can find my truffle oils right next to the air fresheners

[Maniza M. Ahmed @ah_maniza]

Cleaning never ends 😩

[Maniza M. Ahmed @ah_maniza]

Not to be dramatic but I don't think I would've survived this much of grad school if it weren't for my pal DOCTOR Andrew Seber and his constant friendship, support, and militancy⚡it was a joy and honor to watch @Aseberr present and pass his dissertation with honors ❤️❤️

[Maniza M. Ahmed @ah_maniza]

@jmmbranch Omg seriously!!

[Maurice Chammah🍹🎻 @MauriceChammah]

This man makes 13 cents an hour as a prison janitor.

After working 136 hours, he donated $17.74 to relief efforts in Gaza.

Such a beautiful interview-essay by Aala Abdullahi:

https://t.co/Ewn2r7ZuZ4

[liz chatterjee @natterjee]

Tomorrow in Chicago: this exciting symposium on American Empire, Extraction and Environment, with a keynote from Porkopolis’s own Alex Blanchette! It’s the brainchild of whip-smart PhD researchers @Aseberr @ProfBlackbird and @Nahomi_LindaE. Register at https://t.co/73IjFFtZzi