#rent-increase

#rent-increase

Just down the block sits Carnegie House. It's the longtime home of many rally attendees - and one of Dell's recent real estate investments. Residents of the co-op, known as the only remaining affordable building on Billionaires' Row, are facing the looming threat of displacement from a 450% rent hike. The issue is the co-op's ground lease. Though residents own their apartments inside, they don't own the land the building stands on - the ground lease owners do.

If the lease tenants can't pay the new rent, the building could go into default and residents would lose all equity in their homes.

The crisis of affordability, in which housing costs loom largest, is the issue that Mamdani has addressed most directly and forcibly on the campaign trail.

Members of East Lane Theatre Company claim they have never been shown 'any evidence for the valuations' by Brent Council which initially raised the annual rent by 73,500.

"If it's not in place right now, it's definitely a political choice of not going forward with the registry," Catherine Lussier, FRAPRU co-ordinator, said on Friday.

The NYC Rent Guidelines Board approved increases of 3-percent for one-year leases and 4.5-percent for two-year leases, affecting over one million apartments starting Oct. 1.