A New York City Rent Guidelines Board (RGB) meeting was attempting to go about business as usual when they were interrupted by a band of protesters and City Council members upset about the proposed hikes to rent-stabilized apartments.
A New York City Rent Guidelines Board meeting was attempting to go about business as usual when they were interrupted by a band of protesters and City Council members upset about the proposed hikes to rent-stabilized apartments.
“While we are reviewing the preliminary ranges put forward by the Rent Guidelines Board this evening, I want to be clear that a 7% rent increase is clearly beyond what renters can afford and what I feel is appropriate this year,” said Mayor Eric Adams in a statement released after the meeting. The problem is that the board has been trying to find balance since its conception, and other than a rent freeze during former Mayor Bill de Blasio’s term, has often opted to raise rents for tenants. The Economic Challenge for the Rent Guidelines Board: Balancing Long-Term Affordability in Rent-Stabilized Housingrent-stabilized housing is a crucial source of low-cost apartments. The majority were built in 1974.
Jay Martin, executive director of the Community Housing Improvement Program , said the RGB process is clearly broken and the increases do not come close to covering the rising costs in rent-stabilized buildings. “CHIP will continue to advocate for property tax reform, expanding vouchers, and creating a pathway for vacant units to be renovated and put back on the market. Any one of these things would reduce the reliance on the RGB’s annual decision,” said Martin.
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