"Tenant advocates seize on the topline number: a 6.2 percent increase in net operating income across the city's rent-stabilized buildings, marking the third year that reported number has been positive."
"In the Bronx, for instance, net operating income fell roughly 4 percent after adjusting for inflation. Older buildings in the borough saw their net operating income decline by 30 percent from 2021 to 2024."
"The question is, what will the board's members see in the numbers? They're the ones tasked with translating the report into policy and setting rent increases for roughly 1 million rent-stabilized units in New York."
"Older, pre-1974 buildings that are over 90 percent rent-stabilized have seen the most acute financial pressures, raising concerns about the sustainability of these housing options."
New York's Rent Guidelines Board data shows a 6.2 percent increase in net operating income for rent-stabilized buildings, but interpretations vary. Tenant advocates argue low-income tenants are suffering and landlords can afford a rent freeze. In contrast, landlord groups highlight that net operating income excludes major expenses and that in the Bronx, net operating income fell by 4 percent after inflation adjustments. The board's decisions will significantly impact rent increases for nearly 1 million units, amid pressures from both tenant and landlord advocates.
Read at therealdeal.com
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