The Brian Lehrer Show The Rent is Going Higher
May 5, 2025
David Brand, a housing reporter for WNYC and Gothamist, dives into the upcoming rent increases for rent-stabilized apartments in New York City, with potential hikes of up to 7.75%. He discusses the financial strain on landlords, particularly amidst rising operating costs and recent legislative changes that deter renovations. The conversation also reveals how new laws have led to more vacancies and the potential fallout of federal budget cuts impacting low-income tenants. Brand highlights the complex dynamics between landlords and tenants in this shifting rental landscape.
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Scope of Rent Stabilization
- The rent-stabilized system covers about 1 million apartments in NYC, affecting 2.3 million people and their landlords.
- Rent increases in market-rate apartments can rise to offset capped increases in stabilized units.
Proposed Increases Are High
- Rent increase proposals of up to 4.25% on one-year leases and 7.75% on two-year leases are high compared to recent years.
- Previous years' total rises were around 9%, showing significant tenant impact.
Landlord Struggles with Costs
- Chris, a landlord, explained that rent rises often don't match rising operating costs, causing financial strain on building owners.
- He shared frustration of scraping the bottom to maintain buildings amid inflation.