Comptroller Lander: Preliminary Vote on NYC Rent Hike Still Higher Than Merited by the Data
New York City Comptroller Brad Lander released a statement following the Rent Guidelines Board’s preliminary vote to raise the annual rent adjustment as high as 4% on one-year leases and 6% on two-year deals.
“The NYC Rent Guidelines Board is tasked with striking a balance between a realistic assessment of cost increases facing building owners and tenants’ ability to afford rent. But the Board is still considering increases that go well beyond what increased costs merit. According to their own methodology for assessing cost increases facing building owners, rent increases would not need to be higher than a 2.7 percent increase for one-year leases and 4.3 percent for two-year deals. Every penny above that is capitulating to landlords’ demands to extract more from tenants who are under increasing financial strain from inflation and unemployment rates that remain double the national average.”