Rent-Stabilized Housing
is in Trouble
How the RGB Can Save Rent-Regulated Housing and Why It Matters
Read the latest memo from the NYC Rent Guidelines Board
Small owners of aging rent-stabilized buildings are particularly at risk. Owners have seen their heating bills double, water taxes increased, property taxes have gone up, with inflation over 8%. According to the City’s own report the numbers simply don’t add up.
The average rent-stabilized building has many necessary operational costs to maintain it, including property taxes, utilities, maintenance, labor, insurance, fuel and administrative fees. Operational costs are $948, and a responsible mortgage payment is $330. In these buildings, the average monthly rent is $1,189. That means the rent check falls $89 short of covering a housing provider’s costs right now, using data compiled by the NYC Rent Guidelines Board.
It’s time for a reasonable adjustment from the Rent Guidelines Board. New York needs this to keep moving forward.