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

Online comments: 6

• 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