'I feel like I was put between a wall and a hard place,' said Genesis Aquino, the only rent-stabilized tenant serving on the Rent Guidelines Board, which approved increases on Wednesday. 'That was the lowest we were going to get.'
Photo by Caroline OursoThe Rent Guidelines Board on Wednesday voted to hike rents for New York’s more than 1 million stabilized tenants — earning jeers from lessees seeking a freeze or rollback in leases.
After the board approved in May an initial plan that could have seen hikes of up to 7%, Mayor Adams had said that was not “appropriate this year.” “Every year, we see the same drama unfold, and nothing ever changes,” said Jay Martin, executive director of the Community Housing Improvement Program, a rent-stabilized landlord trade group currentlyin New York. “The RGB puts data out there which is largely ignored, tenant advocates and politicians scream and shout, and rent-stabilized housing gets defunded. If we continue on this trajectory, there won’t be any rent-stabilized housing left for people to live in.
Meanwhile, over a 30-year period, the RGB’s data shows landlords’ “net operating income,” a term for profits, for rent-stabilized buildings increased by just shy of 50%, outpacing both costs and rents.Under the approved increase plan, rent-stabilized tenants with one-year leases will see their monthly payments go up 3% — meaning that a lessee paying $1,500 a month now will see their bill increase by $45 per month.
“It’s what the board is supposed to adhere to when making its decisions,” said Soltren. “Be that as it may, it becomes increasingly evident year-in and year-out that not everyone on this board understands and agrees with that charge.”
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