Deep Divisions: The votes over rent increases have drawn protests.
Rent-stabilized apartments house roughly a quarter of the city’s population. In a city where rents on the open market have skyrocketed and available apartments are scarce, stabilized units are treasured finds. The median monthly rent was about $1,500 for a stabilized unit in 2023, compared with $2,000 for an unregulated apartment, according to a recent city survey.
But tenants and their advocates have called on the city to freeze or reduce rents for stabilized units in recent years, as many New Yorkers struggle with the high cost of living. Landlords, for their part, have asked for increases to help cover the high costs of property taxes, insurance, mortgages and maintenance.
The Rent Guidelines Board examines the factors affecting both constituencies when deciding whether to allow rent increases. The board consists of two members representing tenant interests, two representing the interests of owners and five representing the general public. All members are appointed by the mayor. The vote on Monday is set to be the third consecutive year of increases.
Both landlords and tenants have been critical of the board’s votes. There have been protests at several board meetings and some have broken out into shouting matches.
Justin La Mort, a managing attorney for Mobilization for Justice, a tenant group, said that potential increases were a “new source of anxiety” for tenants who were already struggling to pay their rent. He added that rising rents were forcing them to decide whether to cover their medical bills, save for retirement or keep up with the payments on their apartments.
Some Agreement: Housing is expensive for both landlords and tenants.
Landlords and tenants can agree on one thing: The problem of housing affordability runs deep and needs more solutions.
Jay Martin, the executive director of the Community Housing Improvement Program, a trade association for property owners, said he hoped the board and other officials would stop putting renters and owners into a “Thunderdome situation” in which they have to duke it out over rent increases every year, and instead find ways to lower costs for everyone.
Mr. Martin added that his organization would support helping tenants afford rent with more vouchers and public assistance.
“If we don’t figure out a way to control these costs, which go up and have been going up for the last five years, every single year, then this whole scenario will continue to play out,” he said.