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Wealth


NYC BACKS PRICE HIKES FOR 1 MILLION RENT-STABILIZED APARTMENTS

A city panel voted to raise rents 3% for one-year leases.

Tenants in New York’s rent-stabilized apartments are set to face rent increases
after a vote Wednesday.

Photographer: Alex Kent/Bloomberg
By

Jennifer Epstein and

Guillermo Molero

+Follow
June 22, 2023 at 12:29 AM GMT


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Tenants in New York City’s roughly 1 million rent-stabilized apartments will
face increases of 3% for one-year leases after a tense meeting filled with
protestors. 

More than 2 million New Yorkers living in stabilized units will have to contend
with higher costs when renewing leases starting Oct. 1 after a vote Wednesday by
the city’s Rent Guidelines Board. For two-year leases, rents will increase 2.75%
in the first year and an additional 3.2% from the first year’s rent in the
second year.

New York tenants are broadly encountering much higher rents. Costs for
market-rate apartments have surged in recent years, with the median price on new
Manhattan leases rising 9.9% in May from a year earlier, according to appraiser
Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

Landlords had lobbied the board to approve a large increase to cover rising
expenses, while tenants and advocacy groups called for a “rent rollback.” Mayor
Eric Adams, a landlord himself, had previously cautioned that substantial
increases could stretch renters beyond what’s affordable, while acknowledging
that property owners face cost challenges.




“Finding the right balance is never easy, but I believe the board has done so
this year — as evidenced by affirmative votes from both tenant and public
representatives,” Adams said in a statement.



Earlier this year, the board’s staff calculated that rents would have to
rise 5.3% to 8.25% for one-year leases and 6.6% to 15.75% for two-year leases to
keep owners’ net operating income constant based on various formulas.



“The RBG ignored their own data and instead played to the intimidation of
radical politicians and activists, depriving the largest providers of affordable
housing of the revenue they need to keep up with skyrocketing costs,” said
Joseph Strasburg, president of the Rent Stabilization Association, which
represents 25,000 property owners and managers. 

Renters including Michael Iadarola, a tenant in Flatbush, Brooklyn, packed the
meeting Wednesday to support efforts to fight the increases. Advocates have
argued that landlords shouldn’t be guaranteed consistent income — let alone
profits — that comes at the expense of straining already cash-strapped renters. 



“Homes can be sanctuaries for all or investments for some,” Iadarola said.

The city is facing broader affordable housing challenges driven by a lack of
supply. There were 14,766 units of affordable housing produced in 2022 through
new construction and preservation of existing housing, roughly half of the
five-year average, the New York Housing Conference said in a report released
this month. The group attributed some of the decline to staffing shortages that
began before Adams took office.


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