Senator Michael Gianaris and Assembly Member Linda Rosenthal are pushing for significant reforms to New York City's Rent Guidelines Board, which regulates rent increases for nearly one million rent-stabilized apartments. They criticize the board for approving nearly a 10% rent hike over four years and insist on the necessity of City Council confirmation for appointees to improve accountability. The board recently proposed new increases, with the final vote pending. Gianaris and Rosenthal argue current practices unduly favor landlords and neglect tenant affordability, highlighting the need for a more balanced approach to rent regulation.
Over the last four years we have seen the Rent Guidelines Board raise rents nearly 10% with more anticipated increases on the way this year.
The current NYC Rent Guidelines Board, as well as municipal boards across the state, rely on metrics that overestimate landlord costs while ignoring other relevant factors.
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