Rent Guidelines Board Public Hearing Each year the Rent Guidelines Board sets rent adjustments for the nearly 1 million rent regulated apartments in New York City, and each year the Board approves increases that fatten the profits of landlords while harming the families who rely upon the Board for protection. This year, the Board has proposed increases of 3%-5.75% for 1-year leases and 6%-9% for 2-year leases, which are some of the highest increases we have seen.
It is a shame that an organization created and designed to protect affordable housing in New York has strayed so far from its mission. I co-sponsor legislation with my colleague Assembly Member George Latimer, which would bring much-needed reform to the Rent Guidelines Board. This legislation ( A.5567 ) forces the Board to use Income and Expense data, not the flawed Price Index of Operating Costs, prevents landlords with serious violations from collecting rent increases, abolishes the need for lease renewals, and rebalances the board so that mayoral appointees no longer hold more power than tenants and landlords. The Rent Guidelines Board must be independent and objective enough to make decisions that are truly fair for all stakeholders. It should not be beholden to this, or any other mayor's, political interests.
On Monday, I testified at the Rent Guidelines Board's public hearing to urge the Board not to institute a rent increase for the coming year. According to data released by this Board, it is clear that landlords do not need another round of rent increases and any increase would only continue to work to the detriment of the City's seniors and middle class. The loss of the middle class means splitting the city between the very rich and the very poor. I, for one, do not want to see this happen. You can click here to read my testimony.