We all know the rent is too damn high in New York. But the rent hikes tenants have experienced over the past year are truly a new high – or a new low – for our city and state.
, that’s a 74 percent increase since 2014, when incomes have only gone up 16 percent.Landlords are claiming to the press and in public testimony that the state’s landmark 2019 rent law reforms – the Housing Stability and Tenant Protection Act – wreaked havoc on the housing stock. Rather than pointing to the pandemic, persistent unemployment, or the underwhelming federal commitment to housing subsidies, landlords instead blame state government for regulating rents.
Where we do see conditions decline, however, is in buildings where landlords played games with their mortgages to grasp short-term profits.by Local Initiative Support Corporation and University Neighborhood Housing Program found that between 2018 and 2020, buildings whose landlords took on increasing debts based on rising property values had almost three times the number of code violations compared to those that did not. Once again speculation, not regulation, proves to be the culprit.
If we want to put a stop to New York City’s rental madness, we shouldn’t end or undermine HSTPA, as landlords and their allies are calling for, but rather take the following four actions. Educate: many key parts of rent regulation enforcement are triggered by tenant complaints, but tenants will only speak up about violations of their rights if they know those rights exist in the first place.
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