Landlords of NYC affordable housing launch new venture to combat spiking insurance costs

Date: July 08, 2024

Publication: Gothamist/WNYC

The new insurance venture, called Milford Street Association Captive Insurance Company, officially formed last month. Members of the collective pool their money to cover claims.

Crotty said the members must be New York-based, must have an agreement capping rents and must receive some form of government financing. The participants include Wavecrest Management, which runs more than 30,000 New York City apartments, and Workforce Housing Group, which has about 2,000 units, including more than 100 at 1520 Sedgwick Ave. — a building known as the birthplace of hip-hop.

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