NEW YORK (1010 WINS) -- Mayor Eric Adams was non-committal on whether he supports proposed rent increases of up to 9% for rent stabilized apartments over the course of two years.
“We don’t want to aggravate the eviction process, but we also got to look at small property owners,” said Adams at a press conference. “You know, if you are a mom-and-pop that owns a 10-family unit, and you have, you know, your electric bills are going up, your water bills are going up, this is your only source of income.”
Rent stabilization only applies to buildings with more than five units built before 1974, so small landlords who are renting one or two rooms in their home or a single family unit are exempt.
The Rent Guidelines Board said rent hikes of 4.3% to 9% for rent stabilized two-year leases would be necessary for landlords to maintain their current profit margins in the face of inflation.
If approved by the nine-member board, it would be the largest increase in rent for stabilized apartments since 2013, according to the New York Post.
Housing advocates argue that keeping tenants off the street should be prioritized over landlords’ profit margins.
“That would be devastating for the 900,000 to one million households that live in rent stabilized housing,” Legal Aid Society attorney Rober Desir told 1010 WINS. “For them it is the last bit of housing stock that is affordable. People are pressed to the limit and are unable to absorb these increases.”
City Council leadership also voiced opposition to the proposed increase.
“With the eviction moratorium and other protections expired, it is unconscionable to propose a rent increase of up to 9% for renters, which would only exacerbate the housing and homelessness crises confronting our city,” said City Council Speaker Adrienne Adams in a statement.
About 80,000 people including roughly 20,000 children are homeless in New York City, according to a 2021 City Council report. The report identified increased rent and a lack of affordable housing as partial causes of homelessness crisis in New York City.
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