What's the problem with that framing?

The problem is what's inside that average.

The study analyzed over sixteen thousand six hundred buildings, but that sample includes newer developments with market rate units that benefit from tax breaks, luxury buildings with a handful of stabilized units, and fully stabilized four-unit walk-ups in the Bronx, where every dollar of cost increase hits the same capped revenue pool.

When you average those together, the headline looks fine.

When you separate them out, the picture is completely different.

The Bronx saw net operating income actually decline, some neighborhoods down over thirteen percent.

That's not a rounding error.

So to everyone listening who owns a one to four-family building with rent-stabilized units, what's your actionable takeaway?