The rent remains too damn high for tenants of rent-regulated apartments—while the rent is too damn low for landlords and building owners—after last night's final vote to approve rent hikes of 3.75% for one-year leases and 7.25% for two-year leases, which is the biggest hike in three years.
There are one million rent-regulated apartments in the city. Some tenants claimed they would have to move after next year, while the head of the Rent Stabilization Association said many building owners couldn't afford to charge low rents while the cost of maintenance continues to rise.
Landlords had been hoping for 10% increases; one groused, "The city keeps raising real estate taxes phenomenally, like double digits. Water and sewer goes up double digits. So how on the one hand can the city expect owners to pay all these costs, when the city doesn't give you the increases in your rents?" But tenants, who (naturally) wanted no increases, argued, “The cost of food, the cost of living expenses have gone up. There has been no relief at all for the poor and moderate income."
