"Landlord incomes continue to rise while tenant wages stay stagnant and the cost of everything from food to transportation keeps going up. A rent freeze is the common sense first step to making sure that the New Yorkers who keep this city running aren't priced out of our homes."
"The report showed landlords' net operating income spiked by an average of 6.2% overall in 2024, with even larger increases on Staten Island and in core Manhattan south of 96th Street."
"Owners of older buildings where all apartments are rent-stabilized made far more modest profits on average compared to those with a mix of stabilized and market-rate units."
"Unlike other boroughs, net operating income actually decreased slightly in the Bronx, with the dip most pronounced in several South Bronx neighborhoods, including Hunts Point and Mott Haven."
Mayor Zohran Mamdani's campaign to freeze rents for tenants in regulated apartments is gaining traction due to new data showing overall landlord revenue increases. The Rent Guidelines Board reviewed a report indicating a 6.2% rise in net operating income for landlords in 2024, although this growth varies significantly by property type and location. Supporters argue that a rent freeze is necessary as tenant wages stagnate. However, landlords of older, fully rent-stabilized buildings reported lower profits, and the Bronx experienced a slight decrease in net operating income.
Read at Gothamist
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