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Proposed Rent Guidelines for October 1, 2024 through September 30, 2025

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Rule status: Proposed

Agency: RGB

Comment by date: June 11, 2024

Rule Full Text
Rent-Guidelines-Board-Proposed-2024-Rent-Guidelines.pdf

Pursuant to its statutory mandate, the New York City Rent Guidelines Board is proposing rent guidelines for October 1, 2024 through September 30, 2025.

Attendees who need reasonable accommodation for a disability such as a sign language translation should contact the agency by calling 1 (212) 669-7480 or emailing [email protected] by May 24, 2024

Send comments by

  • Email: [email protected]
  • Mail: Rent Guidelines Board, 1 Centre Street Room/Floor: Suite 2210 ; New York, New York 10007

Public Hearings

Date

May 30, 2024
5:00pm - 8:00pm EDT

Location

Jamaica Performing Arts Center Auditorium
153-10 Jamaica Avenue
Jamaica New York 11432

Connect Virtually
https://www.youtube.com/RentGuidelinesBoard
Public can view meeting via YouTube feed but must participate in-person to testify.

Disability Accommodation
Date

June 3, 2024
5:00pm - 8:00pm EDT

Location

Main Theatre of Hostos Community College/CUNY
450 Grand Concourse
Bronx New York 10451

Connect Virtually
https://www.youtube.com/RentGuidelinesBoard
Public can view meeting via YouTube feed but must participate in-person to testify.

Disability Accommodation
Date

June 5, 2024
5:00pm - 8:00pm EDT

Location

Founders Auditorium Medgar Evers College
1650 Bedford Avenue, 1st Floor
Brooklyn New York 11225

Connect Virtually
https://www.youtube.com/RentGuidelinesBoard
Public can view meeting via YouTube feed but must participate in-person to testify.

Disability Accommodation
Date

June 11, 2024
5:00pm - 8:00pm EDT

Location

Adler Hall,Ethical Culture Society
2 West 64th Street
New York New York 10023

Connect Virtually
https://www.youtube.com/RentGuidelinesBoard
Public can view meeting via YouTube feed but must participate in-person to testify.

Disability Accommodation

Comments close by June 11, 2024

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Online comments: 12

  • DR

    Rent is too low. We need increases to cover operation costs like water, insurance and taxes.

    Comment added May 14, 2024 1:00am
  • Jeff

    My property tax went up 10% last year. Why can taxes go up more than legal rent?

    Comment added May 14, 2024 2:00pm
  • Zav

    As a small property owner, I write to express the urgent need for rent increases to cover the rapidly escalating costs we face. The current economic landscape has placed immense financial strain on us, making it increasingly difficult to maintain our properties while meeting our financial obligations.

    In recent years, we have witnessed a significant rise in operating expenses, including property taxes, insurance premiums, maintenance costs, and utilities. These expenses have surged at a rate far exceeding the permissible rent increases, leaving us in a precarious financial position.

    Despite our best efforts to economize and streamline operations, the gap between rental income and operating expenses continues to widen. This unsustainable situation jeopardizes our ability to provide quality housing for tenants and maintain our properties to acceptable standards.

    Furthermore, failure to address these cost pressures could have detrimental consequences, leading to deferred maintenance, property deterioration, and ultimately, diminished housing quality for tenants.

    Therefore, I urge the Rent Guidelines Board to consider the plight of small property owners and implement a reasonable 20% rent increase that aligns with the escalating costs of property ownership. Such adjustments are essential to ensure the viability of small property owners, preserve the integrity of rental housing, and uphold the well-being of both landlords and tenants alike.

    Comment added May 15, 2024 2:33am
  • Rabbi Gershon Peretz Taub Arbah

    Dear Members of the Rent Guidelines Board,

    I hope this letter finds you well. I am writing to you as both a property owner in Williamsburg with rent stabilized housing. I wish advocate for an increase in rent for stabilized buildings such as my own. The financial distress faced by property owners, including myself, is a critical issue that needs to be addressed.

    I would like to present my arguments grounded in the principles of fairness and justice as outlined in Talmudic law.

    The Talmud states that laws should be fair and equitable to all parties involved. When the laws, such as rent stabilization, become outdated and do not reflect the current economic realities, they fail to uphold this principle of fairness. It is not fair or equitable that I must pay more in taxes and insurance than I am able to collect in rent.

    Furthermore, the Talmudic concept of “hefsed merubah” (significant loss) is relevant here. The Talmud teaches that one should not cause significant financial loss to another (Bava Metzia 39b). The current rent stabilization guidelines have not kept pace with the rising costs of property maintenance, taxes, insurance and necessary upgrades, which places an undue burden on property owners. This financial strain can lead to a deterioration in the quality of housing, ultimately harming both landlords and tenants.

    The Talmud also speaks to the importance of “chesed” (kindness) and “tzedek” (justice). In Deuteronomy 16:20, it is written, “Justice, justice you shall pursue.” To pursue justice, we must ensure that the systems in place do not unduly favor one party over another. Currently, the static nature of rent stabilization does not account for inflation and the increasing cost of living, which results in an imbalance that is unjust to landlords.

    Lastly, the principle of “yishuv ha’olam” (settling the world) suggests that our actions should contribute to a stable and flourishing society. A system that impoverishes property owners and prevents them from maintaining their buildings contradicts this principle. By adjusting rent guidelines to reflect the present economic conditions, we can create a more sustainable housing market that benefits everyone.

    In conclusion, I urge the Rent Guidelines Board to consider these Talmudic principles when reviewing rent adjustments. A fair increase in rent will not only alleviate the financial distress faced by property owners but will also contribute to a more balanced and just society. Thank you for your attention to this critical matter.

    Good Shabbos,
    Rabbi Gedalia Paul Theodore
    Rent Stabilized Property Owner
    Williamsburg, NY

    Comment added May 17, 2024 8:44pm
  • UNHP

    Affordable Housing Needs Help with Operating Costs -Rising Water and Insurance Costs Threaten Affordability.
    Water Costs: Seeking a Fair Share from NYS of Federal Money for NYC’s Water System from the Bipartisan Infrastructure Law Property Insurance Costs: NYS Department of Financial Services needs to work with affordable housing groups to make property and liability insurance available and affordable
    Water Costs: Seeking a Fair Share from NYS of Federal Money for NYC’s Water System from the Bipartisan Infrastructure Law:

    UNHP has been monitoring water and sewer charges for many years in NYC. The NYC Water Board is required to set rates to cover both the cost of operating the water system and the debt service for the system. The Bipartisan Infrastructure Law is providing the largest investment in water infrastructure in US history. We had hoped that this infusion of federal funds would reduce the amount that the Water Board would need to borrow, thereby holding down debt service costs, and reducing the impact on rates.

    However, it is our understanding that under current New York State guidelines, New York City is receiving a small percentage of the federal funds allocated to the state in comparison to the 44% of NYS’s population living in New York City. Additionally, the NYS Climate Leadership and Community Protection Act requires that 35% of the funds be used in Disadvantaged Communities. NYC DEP says that 59% of NYS’s Disadvantaged Communities are located in NYC. Yet under current state guidelines, New York City will receive a very small percentage of the federal money. While we understand funds need to be spent across the state, we want to see NYC receive a fair share of the federal infrastructure money.

    Property Insurance Costs: NYS Department of Financial Services needs to work with affordable housing groups to make property and liability insurance available and affordable

    UNHP has been documenting the soaring costs of property insurance over the past several years. Bronx-based non-profit controlled affordable housing groups have seen rate increases of between 15 and 30% for each of the past 5 years. The result has been a redirection of funds away from providing services in buildings. We have also seen an increasing difficulty in obtaining insurance. In recent years, companies have been asking about the source of rent for tenants in the buildings. We need the Department of Financial Services to take a proactive role in protecting affordable housing and determining whether companies are practicing a form of redlining by asking how many tenants may have subsidized rents.

    For more information, contact UNHP at [email protected] or [email protected]

    Comment attachment
    University-Neighborhood-Housing-Program.pdf
    Comment added May 18, 2024 4:27am
  • Moira Birss, Brendan Mitchell and Seana O’Shaugnessy

    The insurance crisis threatens affordable housing development

    Insurance costs are becoming such a large part of the budgets of affordable housing developers and managers that it’s forcing them to reconsider building new projects. That means fewer affordable housing units available, even as the affordable housing crisis grows.

    And even in existing affordable housing buildings, the rising cost of insurance is making it harder to afford green retrofits–even ones that would save them money, like solar panels.

    Comment attachment
    Blog_-How-the-insurance-crisis-threatens-affordable-housing-development.pdf
    Comment added May 18, 2024 4:36am
  • As told by Jay Martin

    “An E-Scooter parked in front of one of our members buildings caught fire on the sidewalk yesterday.

    The Scooter owner was nowhere to be found.

    The fire department came and put out the fire.

    So the owner was given a bill for $2500 for hazardous material removal.

    This was in front of a building in the Bronx where $2500 is higher than the average 1 month rent in the building.

    Not sustainable.”

    Comment attachment
    jm.pdf
    Comment added May 18, 2024 5:41pm
  • Insurance Prices Are Why Your Rent is High

    An April report by the New York Civil Justice Institute finds in most cases, the insurances costs in the state are higher than anywhere else in the country. Scott Hobson, of Big I New York, an industry advocacy group, said while high premiums are always an issue, the report lays out an even bigger concern.

    Insurance companies are not being greedy. Much like rent stabilized housing providers for each dollar in revenue they collect, insurance providers are paying out $1.12 in claims. Thats not a recipe for success, so they raise premiums to try to match costs.

    Those increases in premiums mean owners HAVE to raise rent as well. We can’t expect them to shoulder the burdens of climate change and inflation on their own.

    The Rent Guidelines Board must act. Please raise the rent. We can’t keep operating as if costs have not gone up for everyone.

    Comment attachment
    Insurance-industry-warns-coverage-crisis-could-be-looming.pdf
    Comment added May 19, 2024 11:42am
  • Big Mac Man

    Hi, The price of a BigMac was $0.50 in 1974 according to The Economist. Today in NYC that same BigMac costs $6.19. Thats an increase of over 12x. Those prices didn’t go up because McDonalds is an evil greedy corp. They went up because minimum wage went up from $2 in 1974 to $16 in 2024, an 8x increase. The cost of ground beef went from $0.89 per pound in 1974 to over $6 per pound in 2024, a 6 fold increase.

    In 1974, the Census Bureau says the AMI was $11,100 in New York. Today in 2024, the U.S. Department of Housing and Urban Development (HUD) says the AMI is $155,300 for a family of four. Thats a 14x increase.

    Rent on the other hand has only gone up about 4x on that same timeline. So adjusted for inflation, wage increases, etc rent is actually DOWN since 1974 where was costs of providing housing have gone up and the wages of tenants have gone up.

    Why are housing providers being asked to live on 1974 rents and incomes while dealing with 2024 prices? We can’t pay our supers $2/hr. We can’t pay insurance at 1974 rates. We can’t live by 1974 codes and regulations, but we have to accept 1974 incomes. How does this make sense?

    We HAVE to catch up to costs. We need SIGNIFICANT rent increases in 2024 if tenants expect 2024 level of services, repairs and compliance.

    Thank you for your help in bringing back from the bring of insolvency.

    Comment added May 20, 2024 1:22am
  • Property is why your rent is high.

    If property tax was lower, I wouldn’t need to raise rents. If the rest of us could get away with not paying property taxes like Darlene Mealy and other city council members, rent could be lower for everyone.

    Unfortunately us common folks don’t get that privilege, so we need the RGB to let us raise rents.

    Comment attachment
    mealy.pdf
    Comment added May 22, 2024 10:24pm
  • Rent is high because of taxes

    It is quite hard for regular landlords to make ends meet because we have a never ending set of bills for taxes, city fees and fines to pay. These directly contribute to the cost of rent for tenants. Remove or reduce them and tenants would benefit

    If we could all get the same deal as Public Advocate Jumaane Williams and not pay our HPD related fees and fines for years at a time, rent would be lower.

    Comment attachment
    jw1.pdf
    Comment added May 23, 2024 1:47am
  • TaxFax

    Would rents be lower if we could all skip out on property taxes and city fees/fines like our elected officials?

    Eric Adams has owed $301.82 in rat mitigation fees to the dept of transportation since Sep 2023 for his property at 936 LAFAYETTE AVE in Brooklyn.

    Darlene Mealy has not paid property tax since 2020 on her Apt at 869 Herkimer St in Brooklyn. She currently owes about $19,000 in back taxes and HPD fines.

    DARLENE MEALY hasn’t paid her 2024 property taxes on 1447 E. 108th St (3-08273-1213) either. Her commons charges are so behind that the management has placed a lean on the condo. Much easier to rent at “affordable” rates if you dont have to afford tax and commons dues.

    City Council Member CHARLES BARRON & Assembly Member INEZ BARRON haven’t paid their 2024 property tax on 744 BRADFORD ST.

    City Council Member Crystal Hudson hasn’t filed her annual rent registrations or bed bug reports on 564 Carlton Avenue, Brooklyn, 11238. Much easier to manage “affordable” housing when you dont have to deal with city red tape and paperwork.

    Jumaane Williams hasn’t paid his building registrations since 2020 for his rental property at 1392 E 98th St in Brooklyn.

    And there are many more of these.

    It’s really easy to afford operating in this city when you have the power to prevent enforcement actions against your properties for violations.

    Can rent regulated owners take advantage of these same perks?

    Comment added May 23, 2024 12:20pm