The New York City Rent Guidelines Board is considering new proposed rent increases of 3.75% to 7.75% for two-year leases, slightly lower than previous proposals. Advocates are pushing for a rent freeze, citing stagnant wages and significant increases in landlord profits. The board, which oversees nearly 1 million rent-regulated apartments, will take into account public testimony and economic conditions in their upcoming final vote in June. Median tenant incomes hover around $60,000 while landlords report notable earnings growth from rent-stabilized properties.
When making its determination each year, RGB considers the economic conditions both tenants and building owners are facing. Residents in rent-stabilized apartments earned a 2023 median annual income of $60,000, according to the board's data.
Board Chair Doug Apple said they decided to lower the threshold under consideration for two-year leases after hearing public testimony 'on the impact of potential rent increases on tenants whose incomes are not keeping pace with the rising cost of living.'
In calling for a rent freeze, tenant advocates point to RGB data which found the owners of buildings containing rent stabilized units saw a more than 12 percent increase in their Net Operating Income (NOI)-earnings left over after operating costs are paid-in 2022 and 2023.
'Landlords are making unprecedented profits while New Yorkers are getting priced out of the city we love,' Cea Weaver, director of the NYS Tenant.
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