New York City's Rent Guidelines Board will decide on how much rents will increase for tenants in roughly 1 million rent-stabilized apartments next year. “I see the price going to the grocery,” said an East Flatbush resident.
Make your contribution now and help Gothamist thrive in 2023.It’s an annual — and stressful — summer rite of passage, up there with lugging your box AC out of storage and scraping off the pigeon poop, or watching the Mets rack up losses on their way to another disappointing season.
“I see the price going to the grocery,” said East Flatbush resident Laura Tross, who has a fixed income and lives in a rent-stabilized apartment with her granddaughter. “I don't know if I could afford the prices of food plus the percentage of rent that they want.” But Tim Collins, a housing attorney who served as the Rent Guidelines Board's executive director in the 1980s and 1990s, said the panel must also weigh long-term financial trends.
than they did in 1990 based on their “net operating income” — a metric that weighs landlord expenses and revenue before factoring in mortgage costs.A lot, if you live in one of the over 1 million New York City apartments that are subject to rent regulations. There are five theoretically nonpartisan “public members” — a mix of economists, attorneys and housing experts — to go along with two tenant members, working in the interest of renters, and two landlord members who represent property owners.
Annual rent increases have dropped significantly since the 1970s and 1980s, but compound each year, meaning this year’s number will affect future costs.Plenty of other elected officials are weighing in — with five progressive and socialist city councilmembersThe meetings are pretty much always raucous affairs, but that was a bridge too far for the board, which urged tenant groups to relax their demonstrating at a private meeting.
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