Rent Guidelines Board vote is last hope for landlords

The article critiques the Rent Guidelines Board (RGB) vote in New York City, emphasizing the misleading narratives surrounding rent freezes and increases. It debunks claims that a rent freeze could save tenants nearly $600 monthly, pointing out that this figure is based on implausible historical annual increases. The piece highlights that actual increases in recent decades have been much lower, noting that larger hikes are unrealistic given current economic conditions. It stresses the importance of contextualizing these increases, particularly in light of rising operating expenses and alternative methods landlords have used to raise rents.

The first thing to watch out for is any references to a rent freeze saving tenants nearly $600 a month. The statistic, which activist groups have been using in their campaign for a freeze, is based on an analysis of what aggressive rather than zero increases would mean over four years.

To game out four consecutive years of 7.2 percent increases is spin by any definition. Let's put 21st-century RGB increases typically 1 percent to 3 percent in context.

Moreover, the small increases of the 2010s occurred when landlords had other ways to raise rents, notably with individual apartment improvements, major capital improvements and deregulation of high-rent units.

A 7 percent increase has not happened once this century. Neither has a 6 percent increase. A 5 percent increase has only happened once in the past 25 years.

Read at therealdeal.com