Current Events > NYC rent board approves steepest hikes in over a decade

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https://gothamist.com/news/nyc-rent-board-approves-steepest-hikes-since-bloomberg-era

Roughly 2.4 million New York City tenants will face the biggest rent hikes theyve seen in nearly a decade after the Rent Guidelines Board approved the increases in a split vote Tuesday night at Cooper Union. The panel of nine mayoral appointees which determines rent adjustments for approximately one million rent-stabilized apartments voted 5 to 4 to increase rents by 3.25% for one-year leases, and 5% for two-year leases. The rates fell within the middle of ranges approved by the board last month and represent the biggest jump in stabilized rents since Mike Bloomberg was mayor. Landlords had pushed for even steeper increases, arguing that building maintenance and insurance costs have surged. And after eight years of small or no increases under former Mayor Bill de Blasio, owners say they can no longer afford to keep their buildings in good repair. "It's not in pace with what it should have been," said Brian Liff, the owner of a single brownstone in Harlem, after the vote. "It's just scratching the surface on what the statistics dictate actually should have been." Tenant groups and advocates called for rent freezes or even rollbacks at a series of public hearings and rallies leading up to Tuesday's vote, pointing to the rising cost of living in New York City, and already subpar building conditions.

"We are facing a recession, we are still in a pandemic, we cannot afford 4 to 6% increases in our rent," said Joanne Grell with the group Community Action for Safe Apartments, prior to the vote. "Now is not the time to destroy families, to increase homelessness and to get people in communities out of their homes." After the proceeding, tenants told Gothamist they fear they'll be forced out of their homes and ultimately out of the city. "There are some people who might not be able to stay in their apartments at all," said Sarah Lazur, a rent-stabilized tenant in Crown Heights. "I don't know where they can go it's not like there's somewhere cheaper to go because the unstabilized rents have been going up massively." The citys median rent on unregulated apartments is up 28 percent in the last year, to $3,200, according to StreetEasy. The good cause eviction bill which would have given market rate tenants similar rights to rent-stabilized ones, and protected against the kind of steep increases currently affecting many tenants failed to pass through the state Legislature this year.

You should be so lucky to get 3.25% and 5%/2

My rent went up 21%.

Keep spinning those plates, New York

I still can't believe new york elected that guy mayor

Naysaspace posted...

You should be so lucky to get 3.25% and 5%/2

My rent went up 21%.

That is for rent stabilized apartments.

Lebronwon posted...

The citys median rent on unregulated apartments is up 28 percent in the last year, to $3,200

The housing market is due for a significant crash.

This is completely unsustainable

8 years of barely any increase and almost 2 years of rent freeze.

is anyone surprised?

RchHomieQuanChi posted...

The housing market is due for a significant crash.

This is completely unsustainable

Fuck any corporation and fuck anyone who uses homes exclusively for AirbNB or owns multiple homes for personal usage without actually having any pratical need for it(Like letting your grandparents live in the second house or some shit)

I hope the crash DESTROYs those fuckers.

How would a real estate crash fuck over Air B&B houses?

Growing up in a NYC suburb the people in the house next door had a rent controlled apt in mid town. It was like $350/month or something stupid.

Lebronwon posted...

And after eight years of small or no increases under former Mayor Bill de Blasio, owners say they can no longer afford to keep their buildings in good repair.

Boohoo. Don't like it, sell the property.

New York isn't even all that anymore, and hasn't been for decades.

Vicious_Dios posted...

New York isn't even all that anymore, and hasn't been for decades.

This guy simps for Texass

Unsuprised_Pika posted...

Fuck any corporation and fuck anyone who uses homes exclusively for AirbNB or owns multiple homes for personal usage without actually having any pratical need for it(Like letting your grandparents live in the second house or some shit)

I hope the crash DESTROYs those fuckers.

Right? Like the poor poor single brownstone owner in the article complaining their investment might actually take some money and effort to maintain.

There is a huge sway of people at a certain wealth level that were spoon fed this lie of you should never be losing money on an investment. Its fucking bizarre.

Vicious_Dios posted...

New York isn't even all that anymore, and hasn't been for decades.

Its always refreshing to know your take on things. Because its a powerful barometer to tell the opposite is true.

ToadallyAwesome posted...

Right? Like the poor poor single brownstone owner in the article complaining their investment might actually take some money and effort to maintain.

There is a huge sway of people at a certain wealth level that were spoon fed this lie of you should never be losing money on an investment. Its fucking bizarre.

And yet these are the same people who will say they're entitled to the lion's share of the profit because they "took on all the risk"

EmbraceOfDeath posted...

Boohoo. Don't like it, sell the property.

Can't sell it if there's any rent-controlled tenants present.

whitelytning posted...

Growing up in a NYC suburb the people in the house next door had a rent controlled apt in mid town. It was like $350/month or something stupid.

Yeah those people actually of times have trouble paying something like that.