So, like, there was this big protest at Hunter College because apparently, they were voting to raise rent for 2 million New Yorkers in New York on June 21, 2023. I mean, can you believe it? The Rent Guidelines Board, which is mostly made up of Mayor Eric Adams’ picks, gave the green light to bump up rent by 1.75% to 4.75% for one-year leases and 4.75% to 7.75% for two-year renewals.
Next month, they’re gonna lock in the final numbers, but even if they go for the highest increase, landlords won’t be able to keep up with all their expenses. I’m talking about insurance, energy, taxes – you name it. And with all the political pressure going on (especially with a mayoral election around the corner), chances are they’ll keep the hikes on the lower side.
Landlords who can’t handle the rising costs might have to sell to some shady characters or cut back on maintenance, which isn’t good news for tenants. I mean, who wants to live in a rundown building, right? Or worse, they could go bankrupt and lose their properties to the banks or the city. It’s like a never-ending cycle of problems for everyone involved.
From 2013 to 2023, costs for old buildings outside Manhattan shot up by 37%, but the board only allowed rents to go up by less than 25%. Talk about a huge gap there. And let’s not forget about Cuomo’s 2019 rent law, which made things even tougher for landlords. They can’t even pass on the costs of getting empty apartments up to code to the tenants. So now, we’ve got over 10,000 units just sitting there, collecting dust. Brilliant move, right?
Oh, and don’t get me started on all the new laws about climate change. Owners are being forced to shell out even more money to upgrade their buildings. Like, seriously, where are they supposed to get all this extra cash from? Their profit margins are shrinking, building values are plummeting, and thousands of properties are on the verge of financial collapse. It’s like a disaster waiting to happen, all because of these crazy laws and regulations.
If the board members and the officials who put them there actually cared about the people of New York, they would let landlords recover their costs. But no, they just keep piling on the pressure, and the housing situation keeps getting worse. If this continues, we’re all gonna be in big trouble.
So, yeah, that’s the mess we’re in right now. Not really sure why this matters, but maybe it’s just me, but I feel like someone should do something about it before it’s too late. We can’t just sit back and watch our city crumble because of some bad decisions. Let’s hope someone steps up and fixes this before it’s too late.
