NYC rent-stabilized landlords see costs rise, push for rent increases
The public hearings that define whether to freeze, increase, or rollback rents for New York City’s nearly one million rent stabilized apartments will kick off on April 23, albeit online (like most other city meetings), due to COVID-19. And this week, the Rent Guidelines Board (RGB) published their yearly Income and Expense report that analyzes the cost of operating the city’s rent stabilized units in 2018 (the most recent data set available, the report says). According to the analysis, landlord’s Net Operating Income—the revenue remaining after paying for operating expenses—declined 0.6 percent between 2017 and 2018: The first decline since the period between 2002 and 2003. Operating costs increased an average of 5.8 percent as well, the report shows. Based on those findings, landlord representatives have already begun calling for rent increases. “The RGB data proves that it is time to return to adequate rent increases, not politically motivated rent freezes directed by the mayor,” Joseph Strasburg, president of the Rent Stabilization Association (RSA), an organization that represents 25,000 landlords, said in a statement.
Read more via NY Curbed here.