New York City is relying on nonprofits to save its distressed rent-stabilized housing stock. But they have yet to become the white knight that renters need. In April 2025, the Department of Housing Preservation and Development relaunched its Neighborhood Pillars program, which aims to provide financing to nonprofits seeking to acquire and rehabilitate multifamily properties. More than a year later, the city has yet to close on a project, HPD Commissioner Dina Levy said this week.